Tax Code

[ASB]

If the combined family income is over £58000 then it's not worth it. If it isn't, then you will get something.

There is a 25k disregard for a year. A creative way to do it: Year 1 arrange income of, say 60k. Year 2 35k. Year 3 60k etc. This way the family credit is permanently bases on an income of 35k. I discovered this purely by mistake - honest - but it meant that I got about 2k of free money rather than none.

[TheFaQQer]

Pretty peed off I didn't think of that one in time. My Mrs didn't go back to work between kids so no SMP this time, we could of got 100+ quid a week for a year, getting nowt as it stands !

Tax credits are no good unless you aren't earning much, I decided I wasn't worth filling in the forms but ?

If the combined family income is over £58000 then it's not worth it. If it isn't, then you will get something.

And seeing as the system is so bad, and has a tendency to overpay occasionally, you might hit the jackpot! I stand a better chance of getting paid £1 million out of there than from the lottery.

[rootsnall]

No, but think of the working family tax credit when the new sprog arrives.

If your missus isn't working, then it might be worth employing her and claiming SMP while she's off work.

Pretty peed off I didn't think of that one in time. My Mrs didn't go back to work between kids so no SMP this time, we could of got 100+ quid a week for a year, getting nowt as it stands !

Tax credits are no good unless you aren't earning much, I decided I wasn't worth filling in the forms but ?

[TheFaQQer]

No, but think of the working family tax credit when the new sprog arrives.

If your missus isn't working, then it might be worth employing her and claiming SMP while she's off work.

[Cooperinliverp00l]

There is no married persons allowance anymore so no change in your tax code. If your Mrs is going to be off baby minding then it may be worth putting assets in her name to use her tax free allowance and lower rate band. Is your Mrs a shareholder in your Ltd ?

She is not a share holder but is the company secretary.....funny you mention it as well she is a Child Minder / Nanny.....do you know her ?

[Darren@UptonAccountants]

Married Couples Allowance

Afraid not, the married couples allowance was abolished many years ago, no tax benefit at the moment.

[rootsnall]

There is no married persons allowance anymore so no change in your tax code. If your Mrs is going to be off baby minding then it may be worth putting assets in her name to use her tax free allowance and lower rate band. Is your Mrs a shareholder in your Ltd ?

[Cooperinliverp00l]

Hi All

I recently got married....should my tax code change and if so does it do it automatically ?? or do i need to infrom the revenue e.t.c.....

Big Thanks in Advance