Married - taxed as single people

B

bigjoe_dub

Registered User
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HI all

quick question for you. Just looking for a ball park answer.

I have been married now over a year.

I earn approx 60K
her in doors earns approx 50k

thus far we are both assesed for income tax indidvually. (we have not the tax man we are married)

based on the figuers above is there any real reason to be taxed as a married couple or should we just stay as we are.

thanks.
BJ
 
Re: Quick Question

bigjoe_dub said:
based on the figuers above is there any real reason to be taxed as a married couple or should we just stay as we are.
Click to expand...

No real reason
 
Re: Quick Question

There are previous threads on this (using the search facility you'll have no problem finding them) and most will state that once both couples are over the SRCOP the end result will be the same whatever way you decide to be taxed. No advantages to be gained.
 
Re: Quick Question

thanks all for the quick response. will do the search now.

sorry for the thread title.
 
Re: Quick Question

yes once both spouses are earning in excess of their srcop's and using all their tax credits there is no tax advantage for being jointly assessed

have you any other income? in practice (although this may not apply to your circumstances) rental profits of one spouse cannot be offset against a rental loss of another spouse unless they are jointly assessed to tax

when you got married joint assessment was automatic and deemed to have happened, did you apply to be treated seperately. you have to (legally) tell the tax man you got married?
 
Re: Quick Question

I would let the taxman know that you are married and wish to be jointly assessed from now on. This would allow you to transfer tax credits from one another if the need arose that one person would be out of work for a while, due to redundancy, illness, or resigning.
 
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