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Recently Married Yet another tax question

  • 10-10-2019 2:07pm
    #1
    Stuxnet
    Registered Users, Registered Users 2 Posts: 3,735 ✭✭✭


    Hi folks, sorry to say I am totally ignorant when it comes to tax.

    I married my gal in Feb 2018, but we only got round to informing revenue of our new status this month. I see we have the ability to divvy out the tax credits online now.

    Can someone advise what would be the best way to split them to max benefit us. Jointly accessed. As we did it online I have all the credits currently, obviously not the way to go :)

    Both working full time, with 3 kids under 12. Renting

    Me 52.5k a year
    Herself 41.5k a years


Comments

  • #2
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,085 ✭✭✭relax carry on


    Stuxnet wrote: »
    Hi folks, sorry to say I am totally ignorant when it comes to tax.

    I married my gal in Feb 2018, but we only got round to informing revenue of our new status this month. I see we have the ability to divvy out the tax credits online now.

    Can someone advise what would be the best way to split them to max benefit us. Jointly accessed. As we did it online I have all the credits currently, obviously not the way to go :)

    Both working full time, with 3 kids under 12. Renting

    Me 52.5k a year
    Herself 41.5k a years

    50/50 split as both of you will use up both your credits and rate band on those incomes. Your children and accommodation status have no impact here.


  • #3
    MarioLuigi
    Closed Accounts Posts: 54 ✭✭MarioLuigi


    As mentioned going forward how you split the tax credits and cut off won't make a difference as both are over thresholds, however you can go back and claim for overpayments of tax in 2018 if one your salaries were significantly lower or your wife was on maternity leave etc.


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