I am currently single and pay around 24% Tax. What percentage does one pay when married?
UK answerers only please.
Thanks
2006-11-22 20:20:30 · 6 answers · asked by losparx 2 in Business & Finance ➔ Taxes ➔ United Kingdom
I earn less than 22500 gross
2006-11-22 20:23:58 · update #1
Being married can be useful for income tax purposes if you become a higher rate tax payer at 40%, meaning that you gross more than approx £38,000. This is because you may transfer any savings to your lower rate tax partner (22%) and not pay additional tax on your savings interest being 18% (i.e 40 less 22). Also applies to dividend income. So get rich; get married and save tax! Although the divorce could outway any tax savings!
Also inheritance tax planning to avoid this evil tax is easier if you are married, but i guess you do not plan to die just yet!!
2006-11-22 21:29:47 · answer #1 · answered by GT 1 · 0⤊ 0⤋
it may desire to be counted on the tax bracket that the couple is in. I did an test this year on our taxes. We purely have been given married in 2005, so i needed to work out what the impact had on the two one in all our taxes mixed and in my view. as quickly as I replaced my status in rapid Tax from "single" to "married, submitting one after the different", my taxes extra effective via $500. That became without the appliance understanding what my spouse made final year. Her taxes additionally went up whilst she became submitting in the comparable way. as quickly as I positioned our taxes at the same time and filed "Married, submitting mutually", the taxes did no longer substitute plenty. What i think of is bigoted is the well-known deduction for a married couple isn't two times that of a single guy or woman submitting. this is yet another place the place there's a "marriage tax". It did no longer consequence us plenty in view that I surely have deductions that a approaches outnumber the well-known deduction.
2016-10-17 10:36:40 · answer #2 · answered by ? 4 · 0⤊ 0⤋
It makes no difference, single or married.
First £5035 per year isn't taxed
Next £2150 taxed at 10%
Then 22% for the remainder (in your case you won't reach the threshold where 40% tax kicks in)
(Don't forget you'll also pay National Insurance, which also doesn't change when you get married)
2006-11-22 20:30:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It doesn't change, they changed the law about 10 years ago and abolished the married persons allowance.
I suspect the level of divorce was swamping them in admin !
2006-11-22 20:29:18 · answer #4 · answered by Michael H 7 · 0⤊ 0⤋
The same! We don't get any breaks for being married!
2006-11-22 20:27:09 · answer #5 · answered by ehc11 5 · 0⤊ 0⤋
It doesn't change any more thanks to this government, they got rid of that more or less as soon as they got in.
2006-11-22 20:46:20 · answer #6 · answered by Anonymous · 0⤊ 0⤋