The Chartered Institute of Payroll Professionals
News On Line
• receive income tax or PAYE repayments on behalf of others - find out if you need an agent services account (ASA) and an agent reference number to receive income tax or PAYE repayments for other people • send an income tax relief claim for job expenses by post - information has been added about the criteria for claiming tax relief for expenses.
Back to contents
HMRC's online marriage allowance calculator Published: 15 November 2023 Emailed: 22 November 2023
HM Revenue and Customs (HMRC’s) online marriage allowance calculator tells couples instantly how much they could reduce their annual income tax bill by. Find out if you could be better off in just 30 seconds.
Marriage allowance lets individuals transfer 10% of their tax-free personal allowance. The maximum amount that can be transferred to their husband, wife or civil partner is dependent on the personal allowance for that tax year.
Couples who may be unaware that they could claim include those where one partner is working and the other has income less than their personal allowance of £12,570, including those who: • have retired
• have given up work to care for children or elderly relatives
• are unable to work because of long term health conditions
•
have a part time job
•
have a low paid job.
Marriage allowance saves couples money by allowing the lower or non-earner to reduce the amount of tax their partner pays. It lets the lower earner transfer £1,260 of their personal allowance to their husband, wife or civil partner. This can reduce their tax by up to £252 annually. If eligible, couples can also backdate their claim for the previous four tax years and receive a lump-sum payment worth more than £1,000. To benefit from the tax relief, one partner must have income less than £12,570 and the high er earning partner’s income must be between £12,571 and £50,270 (£43,662 in Scotland). HMRC has produced a YouTube video to explain who is eligible and how to apply. HMRC has reported that with around 68% of people in their sixties married or in civil partnerships, many people in this age group may not realise they can claim marriage allowance if they have retired and their partner is still working. You can find out more about marriage allowance, here.
Read the full press release, here. Back to contents
Getting ready for self assessment Published: 16 November 2023 Emailed: 22 November 2023
It is approaching the busiest time of year for self assessment and HM Revenue and Customs (HMRC) is reminding agents to use the Income Record Viewer to get client’s information for their tax return. The Income Record Viewer provides information on: • pay as you earn (PAYE) information for the current year plus the 4 previous tax years • employment records, including time in employment, their PAYE reference, the pay and tax details for each of their employment • student loan repayments, if any, collected through payroll • latest tax code for the current tax year including all allowances and deductions • taxable benefits provided by an employer such as company car and medical insurance and whether these are forecasted (P11D not received yet) or actual (P11D received) • state and private pension information
cipp.org.uk
Page 135 of 314
Made with FlippingBook - Online magazine maker