Marriage and Taxation

Wheety

Hi

I feeling like a bit of an idiot trying to work this out.

Got married this year and I'm trying to figure out the sharing of tax credits etc. I have printed off the Assessable Spouse Election Form. I think that's the correct one.

There isn't a huge difference in what we're earning. Both around the mid 30k mark with her a bit less and me a bit more. Maybe 3-4k in the difference.

On the form, you can fill in tax credits and standard rate cut off for both of us. But I haven't a clue really what to put in here.

Other options are:
"If you are already being taxed as a married couple and wish to have your tax credits and standard rate band allocated as present" - Doesn't apply to us
"If you wish to have your tax credits and standard rate band divided equally between you" - Not sure if this would benefit us
"If you wish to have transferable tax credits and standard rate band allocated to the assessable spouse" - This may be the simplist option?

We get paid into a joint account and then take the same 'allowance' from this each, so it doesn't really matter how the tax credits are allocated, just wondering if any of the options are better than the others.

Turnipman

Wheety wrote: »

Hi

I feeling like a bit of an idiot trying to work this out.

Got married this year and I'm trying to figure out the sharing of tax credits etc. I have printed off the Assessable Spouse Election Form. I think that's the correct one.

There isn't a huge difference in what we're earning. Both around the mid 30k mark with her a bit less and me a bit more. Maybe 3-4k in the difference.

On the form, you can fill in tax credits and standard rate cut off for both of us. But I haven't a clue really what to put in here.

Other options are:
"If you are already being taxed as a married couple and wish to have your tax credits and standard rate band allocated as present" - Doesn't apply to us
"If you wish to have your tax credits and standard rate band divided equally between you" - Not sure if this would benefit us
"If you wish to have transferable tax credits and standard rate band allocated to the assessable spouse" - This may be the simplist option?

We get paid into a joint account and then take the same 'allowance' from this each, so it doesn't really matter how the tax credits are allocated, just wondering if any of the options are better than the others.

Probably not much point twiddling around with your tax credits if both of you are earning roughly the same amount.

But what you could do is to drop a line to revenue (see the address on your TCC) informing them that you're now married and the date of marriage (include both your PPSNs and both sign the letter) and telling them that you'd like to be jointly assessed with effect from this tax year.

And, if you're not yet registered for revenue's "my account" online service - then I recommend that you do so! https://www.ros.ie/myaccount-web/register.html

CIARAN_BOYLE

Wheety wrote: »

"If you wish to have your tax credits and standard rate band divided equally between you" - Not sure if this would benefit us

If you are both earning above 33800 this is the simplest solution. Your taxes will be the same as an idndivual but you can change it later if one of you are out of work or earn less than 33800 you can transfer credits and bands to the other.

If you are both earning above 33800 but less than 42800 but not too much above it transferring too much bands will result in a lower combined take home pay.