1. Get smart with your annual salary
It is all thanks to Marriage Tax Allowance, which could save you £220 if one of you is a non tax-payer (usually because you earn £11,000 or less) and the other is a basic 20% taxpayer, earning less than £43,000.
The earner who has an unused tax allowance (a techy way to say the low earner) can transfer £1,100 to their partner, who can then claim that money as part of their own tax-free allowance. In other words, if you are married or in a civil partnership, and one of you earns £11,000 or less, then transfer £1,100 to the higher earning partner and save £220 a year in tax. Finally, a tax rule we can get on board with!
For Emma Wilson, a 32 year-old part-time receptionist at a beauticians in Brighton who earns just over £10,000 a year, it’s been a no-brainer. “After I had my daughter, I wanted to go back to work in a flexible way so I could spend more time with her, but it means that my earning power isn’t anywhere near what it used to be,” she tells us.
“My husband is an accountant, so I was lucky that he knew this little trick to make a bit of cash. It’s not a huge amount of money, but at the very least it’s a nice meal out for all of us or a weekly shop, if we’re feeling boring.” Not too bad for a few minute’s effort, we say.