Charitable Giving

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Charitable Giving

If you are looking at Gift Aid or planning your finances, please feel free to contact us. We can discuss your specific circumstances to help you plan tax efficiently.

Gift Aid

  1. Donors, who are higher and/or additional rate taxpayers, can claim tax relief on the difference between the higher/additional rate tax and basic rate on the grossed up donations under Gift Aid. Basic rate tax is treated as having been deducted, so you must pay enough tax for the year to cover the tax withheld from your Gift Aid payment.
  2. Special tax reliefs apply to gifts to charities of certain types of shares and securities, or land and buildings.
  3. Individuals have the opportunity to make a claim for charitable donations made in one tax year to be treated as if they had been made in the previous tax year. For example, a request could be made for Gift Aid payments made between 6 April 2018 and the date that the 2018 return is filed to be treated as if they were made in the year to 5 April 2018. This would mean that a payment could rank for higher rate tax relief for 2017 /18, even if the donor is liable at basic rate only in 2018/19. The request would normally be made by completing the relevant box in the 2018 tax return, and the opportunity to carry back donations is lost once that return has been filed (provided this is no later than 31 October 2018 or 31 January 2019, as appropriate). It is not possible to amend the 2018 tax return in order to carry back a donation.

Give As You Earn

  1. Employees may authorise participating employers to deduct donations from their gross salary for forwarding to their nominated charities.
  2. Employees receive tax relief in full on their donations.

Our service to you

If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We are pro-active and easily accessible accountants and tax advisors, who will not only ensure that all your filing obligations are up to date with Companies House and HMRC, but also you do not pay a penny more in taxes than you have to. We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call using the link below.

Related pages:

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Income Tax Allowances

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