Accountants Question Time Pt One

[portzy]

Hello.

If you read my SLK ( ) thread from last week you will know that Mrs P is temporarily unfit for her nursing duties and has been for some twelve months or so.

Does anyone, accountants? (real or aspirational) know if I or we can make use of her now unused tax allowance of some £4600, like apportioning some or all of it to my allowance.

A long shot I know but is was worth a try.

As usual, everything welcome.

Regards.
Portzy.

 

[Dieselman]

I'm not an Accountant but my understanding is that you can't apply any of your wifes tax allowance to your income tax, but if you transfer any savings you have into her name she can recover the tax paid on any savings / gains, upto her tax allowance.

 

[mark.t]

tax

and she is now on what you might call long term incapacity something or other.
I am not a accountant either but you mentioned this in your last thread, Dieselman is correct about savings ...you need to find out if the benefit mrs P is on is contribution based or means tested as this might have an effect on the payments you receive, she may well be only eligible for a certain period then they review it. if it is means tested may I suggest that there could be other smaller people in your family that are not subject to tax. my wife is a housewife as well and i have to be very nice to her all the time

 

[pammy]

You cannot transfer personal tax allowances that are not used.

As for State benefits - it depends on the benefits - but most contributory benefits are taxable. It is well worthwhile investigating how you manage your savings etc to see if you can get some advantage from Mrs Ps unused tax allowance.

 

[portzy]

I'll have a look tonight to see what the exact terminology is for the payment she is receiving. I keep calling it SSP (sick pay) but it could be Long Term Incapacity. She had an examination a short while ago by a DSS doctor. I think that was to verify our own doctors diagnosis. I'll have to see tonight.

Mrs P does know I am writing all this BTW, Patient confidentiallity and all that, she should know.

So, if Big Gord takes into account our savings?. Errr, they are ISAs, taken out to make up an Endowment shortfall . Pass me the cyanide capsule dear , let me swiftly bypass the comfortably numb stage.


Portzy.

 

[glojo]

Apart from the benefit you mention there might well be otheres she is entitled to. Industrial Injury benefit comes to mind. There are departments that can advise on the full entitlements that your wife can claim. I would recommend you contact them.

Good luck,
John

 

[Benzowner]

I does depend on your circumstances. Are you "self employed" either as director of your own company or literally self employed if the answere is yes, then measure can be taken to avoid tax (nb NOT EVADE) I am not an accountant, but I am one of the above and with my accountants advice have taken some appropriate measures. If you are normal PAYE with a company, then I think you can only transfer savings etc as previously mentioned.

All the best

 

[Shude]

If you call into your local job centre you will find that although they will never manage to find you a job they do have a shedload of leaflets! I got some about housing benefit, pension stuff and redundancy pay when I was unemployed a year ago, they have a leaflet for everything! Tell them the story and ask if they have any leaflets or forms for you to fill in.

 

[andyw]

from an accountants point of view the answer (if you PAYE) is no you can't transfer personal allowances anymore

Your ISA's up to £7000 per year are tax free and will not be taken into account in normal circumstances

 

[portzy]

Thanks so far.

As I said I'll find out exactly what Mrs P is on later today. I think though, from some replies, that the tax code/allowance shift would be a no go as I am employed as an employee of a Housing Trust, that is I am PAYE.

Think I will have a wander into the BA offices (Shude) at lunchtime though.

Thanks.
Portzy.