Marriage Allowance

A little publicised marriage allowance has been introduced by HMRC which could mean that the average married couple could be better off by £212 per year. This is called Marriage Allowance and must be applied for. You can apply here. Basically you can transfer £1,060 of your personal allowance (the amount you can earn before paying tax) to your partner and this will reduce their tax liability by up to £212 for the tax year. The lower earner must have an income of £10,600 or less but you can visit the HMRC page to find out more information and apply for marriage allowance. The higher earner has to be earning between £10,601 and £42,385. Your application is completed online with HMRC’s marriage allowance application page and if the application is successful it will be backdated to 6th April. If you are employed or receive a pension the allowance will be given via a change in tax code. For the majority this will be to 1166M meaning that you will have £11,600 of personal allowance. If you are self-employed the marriage allowance will be given when your self assessment tax return form (SA100) is submitted. Marriage allowance continues each year unless you notify HMRC of a change in circumstances or either party cancels it. Bruton Young Bookkeeping can point you in the right direction for advice on a variety of financial matters. We have a panel of financial advisors and accountants that can assist with financial advice. Contact us for more information. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share...

National Living Wage April 2016

From 1 April 2016 workers aged 25 and over will be legally entitled to a new minimum pay rate of £7.20 per hour, called the National Living Wage (NLW). As an employer you’ll need to check which staff are eligible for the new rates and update your payroll in time. Do you need help with this process or with running payroll for your staff? HMRC are running a number of free webinars to give you more information about the Living Wage (NLW). For more information see the HMRC living wage website here Bruton Young Bookkeeping can advice you on how to implement this and its impact on your bottom line profits, also how to minimise this impact. Contact us for more information. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...