Martin Lewis issues warning to two million married Brits missing out on more than £1,000

Martin Lewis has warned married couples that they could be missing out on a £1,260 windfall.

It's no secret that getting married these days isn't cheap, with the average wedding costing around £20,000.

And if you're part of the 42 percent of the population whose marriage ends in a divorce you can expert to fork out another £14,000 to separate from your partner – which means it's no surprise that marriage rates in the UK have plummeted in recent years.

However legally binding yourself to partner isn't all doom and gloom, as it actually has several financial benefits.

This is something that Lewis - a man on a mission to save the country money - is keen to point out, as it turns out two million married couples are missing out on a financial bonus which comes with tying the knot.

Martin Lewis has shared more advice for married couples looking to save money (Andrew Matthews-Pool/Getty Images)

What's the benefit you ask? Well that would be the marriage tax allowance.

What is the marriage tax allowance?

According to the government website, the marriage tax allowance means that a person whose income falls under the threshold for paying income tax can transfer £1,260 of their Personal Allowance to a spouse or civil partner.

However not every couple qualifies.

"The crucial part of this, one of you needs to be a non taxpayer," Lewis explained on an episode of his The Martin Lewis Money Show.

This means one spouse needs to be earning an income under the Personal Allowance threshold - this is usually £12,570 - in order to qualify, while the other partner needs to fall within the 20 percent bracket, which is up to £50,270 a year.

This means the non-taxpayer now has an allowance of £11,310 while the taxpayer has an increased threshold of £13,830.

Both salaries and pensions are included in the tax, meaning retired couples can also benefit.

"The gain there is £252 a year," he added.

The marriage tax allowance could mean an extra £252 in your pocket every year (Getty Stock Images)

For anyone who's eligible, Lewis went on to stress the importance of checking before the beginning of April, as couples are allowed to backdate their claims up to four years.

Which means you could be due a windfall of £1,260.

Lewis also explained that it was to be the non-taxpayer who applies to make the transfer as 'you can't apply to take someone's personal allowance'.

"They have to apply to give someone their personal allowance."

He also revealed there are up to two million couples who currently aren't claiming the marriage tax allowance.

Are there any downsides to the marriage tax allowance?

This isn't the first time which Lewis has spoken about the financial benefits of being married, however he did stress that some couples may end up out of pocket.

However not every couple will benefit (Getty Stock Images)

In a round-up of the subject on his website, Lewis explained that non-taxpayers who earn between £11,310 and £12,570 and opt in to the scheme could end up out of pocket due to the way in which tax is calculated.