Tuesday, October 19

Eight ways to earn easy cash in the run up to Christmas


2. Get a cheque for up to £970 when you claim the marriage tax allowance.

This is a whopping tax allowance, and it’s thought there are 2.4 million eligible couples who aren’t claiming. To get it, you need to first be married or in a civil partnership (just living together doesn’t count, we’re afraid ). Then:

-One needs be a NON-taxpayer (earning under £12,570/yr)
-The other needs to pay 20% basic-rate tax (earning £12,570-£50,270/yr)

If eligible, the non-taxpayer can transfer 10% of the amount they can earn tax-free each year to the taxpayer, who then pays less tax. And better still, this can be backdated for four years if you were eligible then. Full help, pros and cons in Claim over £1,000 of marriage tax allowance.

When will you get the cash? To get this year’s allowance, worth £252, the taxpayer’s tax code is changed, so they pay less tax during the year. However, if you’re eligible for the up to four years of backdating worth up to £970, that is paid as a cheque or bank transfer taking around six weeks, so you could have it by end-November.





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