John Attridge’s Post

Breaking down 'Gift Aid'🎁! It's a scheme that allows charities to claim from HMRC the basic rate of tax their donors have paid. Make your donations go further! For more insights, chat with us on our website. #GiftAidInsights 👉🏻 factsandfigures.co.uk

Did you know........ That higher rate taxpayers can claim tax relief on charitable donations made through the Gift Aid scheme? Make sure to keep a record of your donations and include them on your tax return to take advantage of this opportunity. Giving back has never been so rewarding! #taxrelief #charity #givingback

In the UK, if you’re a business, did you know that when you donate to charity, you could get a little something back from the taxman? When your business makes donations to qualifying charities or Community Amateur Sports Clubs (CASCs), you can often claim tax relief on those donations. That means some of the tax you paid on those donations could come back to you. Also, don’t forget about Gift Aid. When your business donates through Gift Aid, charities can claim an extra 25p for every pound you donate, making your contribution even more impactful. There are some rules and conditions you need to know about, so it's wise to have a chat with your accountant or tax advisor to make sure you’re getting the most out of your donations. #CharityDonations #TaxAdvice #SmithNewmans

3 minutes on inherited property, cost segregation and how the estate of the deceased building owner might still be able to do cost seg and save on the final tax bill. More money to the beneficiaries - kids, grandkids, charities - and less to the IRS. How can you not love this? If you know someone who has recently inherited property they need to know about this. #inherited #inheritedproperty #estateplanning #finaltaxreturn #estatetaxes #buildingowners #beneficiaries #heirs

Giving back isn’t just good for the community — it’s good for your business's tax bill. When your business donates to a registered charity, you can typically deduct that amount from your total business profits, meaning you pay less in corporation tax while you help a good cause. We call that a win-win! #charity #businesstips #accountancy #businessowner #corporationtax

> Should corporates and charities mx? Great debate tonight and some interesting points made. • Should some big charities be reclassified as financial institutions given how much money they have in off-shore accounts (some over £150m). • Is the use of unpaid volunteers right when they are making so much money and paying other staff? • Should there be an intermediary body between corporates and charities to stop exploitation, abuse and corporates just using charities for PR spin. • Could we get a fair distribution of corporate money so smaller charities (that are often more cost-efficient) receive more funding? It's a topic that opens up great debate. Duncan Hancox Marcus Warry ACA

Top tips to reduce your tax bill this year: Make charitable donations - Providing charity donations can extend your basic rate band which will reduce the payable tax - benefitting both you and the charity. If you donate through Gift Aid, this will reduce your Income + Capital Gains Tax. The Payroll Giving scheme allows you to make donations directly from your PAYE income before tax. Donating this way will immediately benefit you from tax relief at your personal income tax rate.

Quick tax tip! Remember to keep track of your charitable donations! Donating to registered UK charities can often be tax-deductible, so be sure to keep records of your contributions to potentially reduce your tax bill. It's a win-win for both you and the causes you support! #AccountingServices #FinancialConsulting #TaxHelp #SmallBusinessFinance

I got asked a great question by a client the other day - can I make donations to charity from my company? In short, the answer is yes. As well as monetary donations you can also donate other items, such as time or equipment. One of the key points here from a charity perspective is that it is only PERSONAL donations that have the opportunity to be gift aided - company donations do not qualify for this additional relief that registered charities can claim if they operate a gift aid scheme. Like with most things there are some exceptions to the rules so do consult with your accountant before donating to make sure that the relief is qualifying and therefore you are also getting the corporation tax relief. Happy Friday all 😎 🌞 #charity #taxrelief #giving

Donating a conservation easement can provide taxpayers with a legitimate charitable deduction, so long as the donation meets certain requirements. But beware of bad actors promoting conservation easements with deductions that exceed the amount invested in the property. Typically, you’re allowed to claim a charitable contribution deduction for the fair market value of a conservation easement donated to a qualified charity. But the IRS is paying close attention to abusive transactions and imposing penalties where warranted. According to IRS Commissioner Danny Werfel, “Taxpayers should be wary of anything that seeks to completely eliminate a legitimate tax responsibility.” #taxes #taxpayers