If you are a UK Landlord and married, or in a civil partnership, you might be able to save tax by sharing the Personal Allowance of the lower earning spouse and increasing the total household take-home pay.
This could be an option for married couples or civil partners which meet the following criteria:
- The highest earner’s salary must be between £12,571 and £50,270 (Basic tax rate payer)
- The lowest earner’s income before tax must be less than the Personal Allowance of £12,570 (tax rate will be valid until 2026)
Why should Landlords request it?
Any extra income would certainly help with something your way. If you meet the criteria, it is possible to request HMRC transfer any unused Personal Allowance from the lowest earner to the highest earner.
AIMS Accountants are available to help you and your business with tax allowances or any other tax related support. Get in touch with your local accountant to find our more information.