Southside Accountants

Donating under Gift Aid means that the charity you are donating to will be able to recover 28p for every £1 you donate from the Taxman.  This is available until 5th April 2011.

For your charity to recover this cash you must give a Gift Aid declaration. Where you make a donation over the phone instead of  using a website, your charity will write to you to confirm this Gift Aid declaration.

Another requirement is that you must be a taxpayer who has paid tax that is at least the amount  that you charity will claim under Gift Aid.  If you are not a taxpayer you cannot make a Gift Aid declaration.

If you are a higher rate tax payer you can also claim the difference the 40% high rate of tax and 20% basic rate of tax on your personal tax return. You need to keep your accountant informed of donations you have made under gift aid so he/she can claim the difference.

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This entry was posted on Monday, February 15th, 2010 at 6:02 am and is filed under Tax Advise. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.