Love is in the air.
A total of 2,272 Cork couples said “I do” in 2018, but according to a new report, many of them are missing out on a special wedding present from the Revenue.
Taxback.com have highlighted that Irish newlyweds are failing to claim a potentially lucrative tax benefit when they get married.
Apparently, the ‘year of marriage’ tax credit could be worth thousands of Euro to many couples, depending on their joint earnings.
Here’s how it works: In the year a couple are married, both parties continue to be treated as single people for tax purposes. However, if the tax they pay as two single people is greater than the tax payable if you were taxed as a married couple, they can claim the difference as a tax refund. Only tax deducted in the months after marriage can qualify for a tax refund.
“Last year 47% (9865) of the 21,053 marriages for the year took place in the months of June, July, August and September.” explains Mark Corcoran of Taxback.com.
“So now is the perfect time to point our most recent observation – that some couples never fully get to grips with the tax ramifications of their union – even years after the nuptials have taken place.
It’s not too late…
If you haven’t checked your tax situation and your honeymoon memories are fading, there may still be time to claim:
“We are not just calling on nearly or newly married couples – we have seen numerous cases where couples who have been married within the last four years still had not alerted Revenue to the change in their marital status in their year of marriage and so never received their ‘year of marriage’ relief.” says Mark.
“The good news for these people is that because they are still within the four-year time frame for a refund, they can apply to check whether or not they are entitled to one.”
A total of 85,246 couples in Ireland got married between 2015 – 2018 – if even 5% of these people never received their year of marriage relief then that’s at least 4,200 couples that could be entitled to a refund.
Worth checking out.