We are 4 years married and have not updated our status with the revenue.
Can someone advise the best way to split the tax between us?
Our incomes are 70k and 35k
Do we just go 50/50 or is there a better way to split it to minimise the tax.
We share our finances with one person covering mortgage, bills and some savings and the other covering everything else (food, clothes, kids things etc) and some savings. So it’s the one pot.
With salaries at those levels, there is no tax benefit to being married.
If at some point since you got married, one of you earned less than circa €35k, there would be merit in reviewing your tax position for that particular year.
If at some point since you got married, one of you earned less than circa €35k, there would be merit in reviewing your tax position for that particular year
Just to further @Gordon Gekko s point above, if either earns less than 35k AFTER pension contributions are deducted, then there's a benefit. If effect you can get 40% relief on the pension contributions of the person earning 35k by switching tax band to the higher earner.
There's never any financial disadvantage to joint assessment.