Thousands of loved-up couples who said 'I do' during the summer months are facing an unwelcome post-wedding surprise – a potential £100 fine from HM Revenue & Customs.
Newlyweds across the UK have been issued an urgent warning to notify the tax office about their change in marital status before the strict deadline of 5 October 2023. Failure to do so could result in financial penalties that put a dampener on newlywed bliss.
Why HMRC Needs to Know About Your Marriage
When you marry or enter a civil partnership, your tax situation changes significantly. The notification allows HMRC to update your tax code and ensure you're receiving the correct Marriage Allowance and other benefits.
Marriage Allowance enables eligible couples to transfer £1,260 of their Personal Allowance between them, potentially saving up to £252 in tax for the current tax year.
Who Needs to Take Action?
The requirement affects couples where one partner:
- Earns between £12,571 and £50,270
- While the other earns £12,570 or less
Even if you don't believe you qualify for Marriage Allowance, you must still inform HMRC of your changed circumstances to avoid potential penalties.
How to Notify HMRC and Avoid Penalties
Fortunately, the process is straightforward. Couples can:
- Use the HMRC online service via GOV.UK
- Call the HMRC income tax helpline
- Update details through the HMRC app
Experts recommend acting immediately rather than waiting until the deadline approaches. 'Many newlyweds are completely unaware of this requirement until it's too late,' says tax advisor Sarah Jenkins. 'The fine comes as a nasty shock when they should be enjoying their first months of marriage.'
With wedding season now concluding, time is of the essence for summer newlyweds to ensure their financial affairs are in order and avoid unnecessary penalties from the tax authority.
