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Question regarding newly married couple

  • 16-12-2021 7:17pm
    #1
    One More Toy
    Registered Users, Registered Users 2 Posts: 3,885 ✭✭✭


    Hi all


    As the year draws to a close, my mind turns to our tax situation after getting married this year


    I am self assessed, whereas my wife is paye. I'd rather keep our tax affairs separate for simplicity


    So, we are due the marriage tax credit in 2022, can we split it between us and maintain the separate assessment?


    Also, how will the year of marriage relief work seeing I'm self assessed?


    Tia

    Omt



Comments

  • #2
    ari101
    Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    Sounds like you want 'Separate Assessment' (you keep your own credits/bands but can allocate unused amounts at end of year where they would be transferrable).

    You'll get the same benefit as Joint Assessment overall, but can still file separate returns and things won't default to an assessable spouse.

    If so, you should opt for Separate Assessment. This can be done by sending an Enquiry online via a Revenue Account, or in writing, by either spouse. It should be done before 31 March for it to be applied for a given year. Better to do as early as possible to prevent any chance of bands and credits moving to one spouse by default.

    Year of marriage review has to be requested after the end of the tax year in which you marry. If you want a review you can send an Enquiry online via a Revenue Account also, but you'll need to wait until your tax return is filed, as they recalculate the total tax due as if joint vs. actual single person tax paid, and split any refund between both parties.



  • #3
    One More Toy
    Registered Users, Registered Users 2 Posts: 3,885 ✭✭✭One More Toy


    https://www.boards.ie/discussion/comment/118333289#Comment_118333289

    Thanks for the reply


    Will the married tax credit be split between us going forward into 2022?



  • #4
    ari101
    Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    If you opt for separate assessment you keep your own normal credits and bands, there is no married tax credit. Married people get the same credit and bands as two single people combined, they just get to transfer some between them if it is tax advantageous (i.e. of one partner is not using all if their bands/credits).



  • #5
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,430 CMod ✭✭✭✭Pawwed Rig


    Just make sure you both earn 35k plus per year. If you don't then separate assessment might not be the best idea



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