{"id":22587,"date":"2014-08-28T10:00:20","date_gmt":"2014-08-28T09:00:20","guid":{"rendered":"https:\/\/wdie.wedding-dates.com\/?p=22587"},"modified":"2014-08-28T10:34:58","modified_gmt":"2014-08-28T09:34:58","slug":"3-tax-mistakes-newlyweds-make","status":"publish","type":"post","link":"https:\/\/weddingdates.ie\/blog\/3-tax-mistakes-newlyweds-make\/","title":{"rendered":"3 Tax Mistakes Newlyweds Make"},"content":{"rendered":"

\"3<\/p>\n

You\u2019ve just had the most magical wedding\u2026 You spent months planning: the venue, the dress, the cakes, the cars, the rings\u2026 Nothing was left to chance – everything was meticulously planned, and on the day it was a flawless enchanted testimony to your superb organisational skills.<\/p>\n

Your relatives adored you with praise, your photographs captured the magnificence of it all, and once the confetti has settled, you relax with pride, confident that you\u2019ve thought of everything.<\/p>\n

But have you?<\/em><\/p>\n

Many newlyweds get so caught-up in the excitement of the big day that they neglect to consider some important post-nuptial issues. Issues like tax credits \u2013 boring as they sound, they can actually make some big savings for you.<\/p>\n

Alex from Red Oak Tax Refunds<\/a> has highlighted the top 3 biggest mistakes she sees for newlyweds:<\/p>\n

Not opting for Joint Assessment<\/h2>\n

Once you get married, you can actually opt to have you and your spouse\u2019s taxes assessed together as one which often helps to reduce the amount of tax you pay.
\nThis works by combining your personal tax credits – a total of \u20ac3300 worth of credits – and sharing any PAYE tax credits (worth \u20ac1650 each), which often results in a smaller tax bill.
\nLet\u2019s look at an example. Say Amanda and David get married but they are unaware they can be jointly assessed. Their taxes look like this:<\/p>\n

\"3<\/p>\n

Combined tax bill<\/strong> \u20ac6,262<\/p>\n

If Amanda and David were to have their taxes jointly assessed, their taxes would look like this:
\nAmanda\u2019s salary \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac27,000
\nDavid\u2019s salary \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac35,000
\nTotal income \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac62,000
\nTax @ 20% \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac12,400
\nTax credits deducted \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac6,600 (\u20ac3,300 + \u20ac1650 + \u20ac1,650)
\nTotal tax due \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac5,800
\nTax already paid \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac6,262 (\u20ac2,100 + \u20ac4,162)
\nRefund due \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac462
\nImagine missing out on \u20ac462 less tax to pay over many years of marriage \u2013 and believe me, Revenue isn\u2019t going to be chasing you to pay it back!<\/p>\n

Not applying for a Year of Marriage Review<\/h2>\n

You may be eligible to get something back for the year of your marriage under what Revenue call a Year of Marriage Review. This will be a partial refund, dependent on the number of days you are married in that tax year.<\/p>\n

In the example above, the refund for the full year was \u20ac462. But if Amanda and David were only married on 15th September that year, they would be entitled to 108 days out of the full year or 30% of the yearly refund i.e. \u20ac138.60. But, again, if you don\u2019t apply for this, you won\u2019t get it!<\/p>\n

Not knowing what Tax Credits are available<\/h2>\n

Many newlyweds are unaware that getting married can open-up new tax-credit options to them.
\nA big one is the Rent Tax Credit. If one of you was eligible for the rent tax credit prior to getting married, you can double your rent tax credits once you get hitched.<\/p>\n

It\u2019s also good to know that if you have children and one of you is staying at home to mind them, there is a provision for a Home Carers credit of \u20ac810. This even allows for the \u2018home carer\u2019 to earn a small income of up to \u20ac5,080 before it starts to reduce the credit amount.<\/p>\n

The important thing to do with all of these credits is apply for them! Don\u2019t make the mistake of not considering your taxes \u2013 as you could be missing out. And once 4 years have passed, you can\u2019t claim retrospectively. Weddings are an expensive occasion, so it pays to think about your taxes and claim what you\u2019re entitled to. It will make flicking through your photo album and reminiscing about your big day all the more enjoyable!<\/p>\n

Image via UnSplash<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"You\u2019ve just had the most magical wedding\u2026 You spent months planning: the venue, the dress, the cakes, the cars, the rings\u2026 Nothing was left to chance – everything was meticulously planned, and on the day it was a flawless enchanted testimony to your superb organisational skills. Your relatives adored you with praise, your photographs captured the magnificence of it all, and once the confetti has settled, you relax with pride, confident that you\u2019ve thought of everything. But have you? Many […]","protected":false},"author":55,"featured_media":22593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1202],"tags":[2041,1410,931],"class_list":["post-22587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wedding-budget","tag-planning-ideas","tag-planning-tips","tag-wedding-planning"],"_links":{"self":[{"href":"https:\/\/weddingdates.ie\/blog\/wp-json\/wp\/v2\/posts\/22587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weddingdates.ie\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weddingdates.ie\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weddingdates.ie\/blog\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/weddingdates.ie\/blog\/wp-json\/wp\/v2\/comments?post=22587"}],"version-history":[{"count":0,"href":"https:\/\/weddingdates.ie\/blog\/wp-json\/wp\/v2\/posts\/22587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weddingdates.ie\/blog\/wp-json\/wp\/v2\/media\/22593"}],"wp:attachment":[{"href":"https:\/\/weddingdates.ie\/blog\/wp-json\/wp\/v2\/media?parent=22587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weddingdates.ie\/blog\/wp-json\/wp\/v2\/categories?post=22587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weddingdates.ie\/blog\/wp-json\/wp\/v2\/tags?post=22587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}