Don’t Forget Your Gift Aid Payments!
Comic Relief, Children in Need and Sports Relief are just three of the many charities that receive many thousands of donations each year from generous members of the public across the country.
Most people are aware of the “Gift Aid” scheme whereby the charity in question receives 20p direct from HMRC for every 80p donated, as long as the donor is a UK taxpayer.
What a lot of people do not realise is that if you are a higher rate taxpayer (40% or 45%) you personally can claim additional tax relief from HMRC. A 40% tax payer will receive an extra 20% and a 45% tax payer can receive an extra 25%!
Remember then to keep a record of all charitable donations made, whether direct or by phone etc., and claim the appropriate relief at the end of the tax year via your tax return.Talk to Barnes Roffe today