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BILLY CONNOLLY, ONE of my favourite comedians, famously said: ‘Marriage is a wonderful invention, but, then again, so is a bicycle repair kit.’
However, unlike a bicycle repair kit, marriage has some very tasty tax benefits attaching to it. And in this chapter I will explain how you can take advantage of them.
Marriage brings greater flexibility
The first big benefit of being married is that you get to choose how you are taxed. The options open to you are:
Joint assessment
This means that you will be taxed as one unit and allowed some tax concessions not used by one spouse to be transferred to the other.
Separate assessment
This is very like joint assessment except that all the available allowances are split evenly between you and your spouse.
Single assessment
This is where you and your spouse decide to be treated as if you were two single people for tax purposes.
Why this flexibility of benefit?
Basically, you can choose to be taxed in the way that will produce the greatest possible tax advantage given your personal circumstances. Under joint assessment and separate assessment, some unused allowances can be passed between husband and wife. This is particularly beneficial in the case of a two-income couple where one spouse earns more than another.
Under normal circumstances, the Revenue Commissioners will assume that you wish to be taxed under joint assessment, and will calculate your tax liability accordingly.
However, it is worth checking that you are taking full advantage of all the allowances and tax credits open to you, as the Revenue Commissioners may not be fully aware of your financial situation.
The only circumstances under which most people might wish to be taxed under the single assessment system is where they are separated.
Other tax concessions made to married couples
A number of other generous tax concessions are made to married couples, including:
Even better news if you are married and self-employed
If you are self-employed or run your own business, by employing your spouse, you may be able to save up to €5,000 a year in tax. To make this saving, the total amount of income you and your spouse earn each year must be at least €70,800. It doesn’t, by the way, all have to come from your own business.
Your spouse can earn up to €25,000 and you can still gain a tax benefit. The reason why the tax saving can be made is the fact that a two-income family can take advantage of a €67,600 standard rate band as opposed to the €42,800 band available to a single-income family.
Turn your children into a tax advantage
If you’re self-employed, and if you have children, you may be able to avoid tax on up to €16,500 per child a year. This is because your children are entitled – like anybody else – to avail of tax credits.
Of course, the child must actually be doing the work for which they are paid – and it may be necessary for you to register as an employer for PAYE and PRSI purposes – but given the tax saving this has to be worth it! However, the child may have to pay PRSI and USC of €789 and you as the employer will be liable for the employer’s PRSI contribution.
John Lowe is the author of The Money Doctor 2018 (Gill Books, €12.99) available from all good bookshops and online.
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I drive a taxi and for many reasons I don’t belive it’s a job for a woman. I would hate to see my wife or daughter drive a taxi. And before I’m bashed I am not sexest
You clearly are a sexist if you believe women are too weak to drive a taxi. You didn’t say they were weak but that is clearly what you are inferring
Implying, damn it.
No Philip I’m not ! But keep trying
Ah I see your Twitter has been suspended Philip Hogan bit of a troll are you hiding behind false names !
Just curious, what exactly are you saying?
OK Mr Weddingcar, why shouldn’t women drive taxis?
Because of the Philip Hogans off this world !!
That doesn’t even make sense. You don’t think your wife and daughter are capable of driving a taxi. Is it any wonder that feminism is so aggressive when your misogyny is so engrained
Are you busy tonight, weddingcar?
I dunno. All the other car jackings had male taxi drivers. Is the experience less terrifying as a man? I wouldn’t say so.
I wouldn’t think it would be either. If they take the car and let you go unharmed it’s the only good thing to come out of a car jacking.
Why I wouldn’t like my wife etc driving is because you are dealing with people at their worst late at night drunk or worse on drugs. It’s hard enough without having guys trying it on or been intimidating which would and does happen with female drivers.
Day time work wouldn’t be to bad but nights would be a disaster waiting to happen.
what do you mean it’s not a job for a woman? you didn’t really say why :L
So what you ate saying is that you would rather see women treated like glass, always kept away from danger. Give them a bit more credit. They might surprise you
James and Philip grow up !
but…i was asking a legit question. im not trying to be mean or cheeky
He is concentrating on his new big job in Europe from now on…
I’ve never seen one female taxi driver working at night. It’s common sense really.
Daniel there is many
Would you suggest that women don’t work as police or in A&E then? They’d be facing the exact same people. What I’d suggest is taxis that have a partition between the driver at the front and the passenger at the back. You’d have to have fairly thick skin to be a taxi driver, so why shouldn’t a woman be a taxi driver if they’re as thick skinned as the male taxi drivers?
Guys stop trying to prove Wexford limo a sexiest . what he is saying is very true. After a wild night out, most of the time Drank man make trouble at the street…you wont see many woman making trouble at night while they are drank. an drank man has a common issue to harass women. so in a Saturday night, when lots of drank wild mans are in the street, who will not bother about law and order or maybe not in a state of thinking clearly would probably find a woman taxi driver more easy rather than a Man driver. Its just a fact.
@Danny. Your a&e remark just makes no sense. In relation to female gardai, at night time gardai have to work in pairs. The also carry pepper spray, something which taxi drivers are not allowed have.
If working at night was the same as day they wouldn’t have the pairing system.
That young pup deserves the mother and father of a bating when caught..
Wow must admire her bravery for refusing to hand over the keys. May not always have worked out so well. But she definitely showed that chap there’s no messing with her.
I admire her bravery but it was a silly thing to do
This type of crime is going on a weekly basis in dublin. Noting new here
Women taxmen are not that uncommon now.
Women taximen are not that uncommon now.
Bit of an echo here ;)
Here.
Women taxi men maybe even women taxi drivers
Why make a point of the taxi driver’s gender? Is it relevant?
Yes
How?
Fair play for standing her ground. Little cowardly asswipe.
Wow a female taxi driver. It is so amazing that it must be put in the headline
When i saw the title. I new it was up north
Brendan ere you implying that such acts don’t happen south of the border???
Shouldn’t have made any difference if the driver was a man or woman it shouldn’t be happening , why can’t a judge make a statement and send the next attacker down for at least 5 years and this might stop it ?
but unfortunately it is always the case. weaker taxi driver are the easy target.
have your say