There are several ways to help couples to save money on their tax bill. When it comes to couples, there may be two situations here:
1. Couples who live as partners in a relationship
2. Couples who live together as in a married relationship with kids.
Now, it doesn’t matter which of these situations you belong to, there are some things that you can do as presented in the following tax helpline suggestions:
How to save on capital gain tax allowance
It is important to keep in mind that with capital gains lower than £10,600, there are no taxes to be charged with couples. In case you have joint assets as a married couple you can claim a £21,200 allowance. For those who are taxpayers at standard rate, the Capital Gain Tax will be charged at 18% and those who are taxpayers at higher rate, CGT will be charged at 28%.
How to save when taking into account the tax return deadline
It is important to always consider the deadline that is usually set for 31st of October. This applies for those who want to file for tax return and in case you opt for the online filing (which has its deadline up to 31st of January) it is still necessary to do this with three months in advance to avoid paying the fine – which is normally of £100.
How to save on taxes when you are well informed about the tax codes
At this point, as tax payers, you have to always be updated with the tax code that applies to your income. This code will be displayed each year on your pay slip in numbers and letters, so pay attention to it, because once you are going with a wrong code, then you may pay too much on taxes.
How to save on taxes if you run your own business
This is another tax saving tip for working couples even if this is mostly related to owning a business. In this case, you need to always keep track of the expenses you make for all the business needs. This will enable you to benefit from Annual Investment Allowance – through which you can claim for all the capital expenditures. Investing in tools and equipment’s that are needed for your business, you can claim tax relief on a pretty big sum of money with every year that goes by.
How to save through Junior Individual Savings Account
If you have kids as a married couple you can also get tax relief on expenses related to making gifts for your kids through the use of Children’s Bonus Bonds or Junior Isa.
How to get tax relief under Married Couple Allowance
Married Couple Allowance is represented by an amount that is deducted from your tax bill (for those who are regular tax payers) and applies to couples how have been married before 2005, 5 December. The period from which this allowance becomes effective starts with the year you get married, except that HRMC will reduce your eligibility to this allowance by 1/12 for each complete tax month that has passed prior to your marriage date. This tax helpline is widely explained on HRMC website for more in-depth details and information.
Annie Bonneville is a Passionate blogger. She writes on behalf of tax disc helpline. She loves to write as a guest blogger with interest in Travel and Automotive.