How will getting married affect our tax?

B

BatGirl 3078

Guest
Hi all,

This is my first post, I have a quick query re taxation.

I am getting married shortly to my long term partner and am just wondering what the tax changes will be on my partners paye tax - I am currently a stay at home mum to our two kids. He has quite a good salary of approx 86k and is obviously currently paying a single mans tax rates and not receiving no credit for our two kids.

We have been a bit lax re this & my question is what will the net result be if my partner takes my tax credits as I'm not working and dont plan to for the next number of years given our two young kids.

Many thanks in advance.

BatGirl.
 

Try this:
http://taxcalc.eu/monthlyss

(Courtesy of Deadlyduck
)
 
BatGirl 3078 said:
my question is what will the net result be if my partner takes my tax credits as I'm not working and dont plan to for the next number of years given our two young kids.
Click to expand...

You will need to apply for joint assessment and you will be €3,540 better off on an annual basis.

Explanation
Your partner will get your tax credit of €1,650. Further the point at which he pays 41% instead of 20% increases by €9k to from €32,800 to €41,800 meaning a saving of €9000 @ 21%, or €1,890

Cheers

Brian
 
Your spouse can also claim the 'stay-at-home-parent' credit if you continue to stay at home with the children. It's worth €810 in 2011. [EDIT] Beaten to it by Black Sheep! [/EDIT]

In the year of marriage, you will receive a proportion of the annual benefit. As per above, you'll need to inform the tax office that you are now married to ensure that you receive the correct married-1-income credits and cut-off point values.

PS Thanks for posting the spreadsheet link above, Mandelbrot
 
You must log in or register to reply here.
Menu
Log in
Register