**Tuesdays Tip – Joint Assessment**
For married couples or civil partners, joint assessment is normally the favoured form of tax assessment. Generally, a couple will pay less tax when they are jointly assessed compared to being assessed as a single person.
Through being jointly assessed you can allocate tax credits or tax bands to suit your circumstances.
If only one spouse or civil partner is working some of the tax credits and lower rate band of the non-working partner are given to the working spouse. This often creates a greater tax saving.
Check your tax credits
Check you are using the correct tax credits you are entitled to. You can go to back to The Revenue Commissioners and claim the tax credits you have failed to take advantage of in the previous 4 years.
Bands of taxable income:
In the case of married couples or civil partners with two incomes, the standard rate band is €67,600 (made up of €42,800 plus an amount of €24,800 which may be transferred between spouses; if one spouse earns less than €24,800 there is a loss of some of the benefit of the higher band.
Contact our Tax Team and help us help you with your savings today.