Tax

Curiouspete1

Im recently married since last October. When should i notice a change in the way i am taxed? Apologies for not understanding the system but i presume i earn more tax credits? Thanks.

relax carry on

Curiouspete1 wrote: »

Im recently married since last October. When should i notice a change in the way i am taxed? Apologies for not understanding the system but i presume i earn more tax credits? Thanks.

Bit of reading required on how you want to be assessed now. Revenue won't know you are married untill you tell them. You also don't earn any more tax credits. You may be able to avail of some unused rate band and credits belonging to your spouse if you opt for joint assessment. You may be able to claim the home carers tax credit if you or your spouse aren't earning or earning very little and there are children involved.

http://www.revenue.ie/en/life-events-and-personal-circumstances/marital-status/marriage-and-civil-partnerships/index.aspx

Curiouspete1

Thank you for your quick response. I had a read over the link you attached and it made things a bit more understandable. We have no kids and we both work. I earn over 40k and my wife earns 25/26k. How much would it actually be worth?

relax carry on

Curiouspete1 wrote: »

Thank you for your quick response. I had a read over the link you attached and it made things a bit more understandable. We have no kids and we both work. I earn over 40k and my wife earns 25/26k. How much would it actually be worth?

You spouse is using all her credits but not all of her rate band. Single people have a rate band of 33800 euro. Of her income is 26k then that's 7800 euro rate band which you can look to transfer to yourself under joint assessment. In money terms that it worth 1560 euro ( 7800 *20%) to you.

foxy2017

Hi when I got married I wrote to revenue to say we were married and we chose to stay taxed as individuals. http://www.citizensinformation.ie/en/money_and_tax/tax/income_tax/taxation_of_married_people.html hope this helps

wiggle16

You need to tell Revenue you are married or they won't know.

You should fill out an assessable spouse election form - this allows you to pick a basis of assessment and you can indicate how you want your credits and rate bands allocated if you choose joint assessment. It's available on the revenue website.