…from the Diary of a Tax Advisor…
GIFT AID? £££HOW MUCH???😳
Over the past few days, I was surprised to learn that many generous charity supporters are not yet au fait with the benefits of the UK Gift Aid Scheme and that by using it correctly, their charitable contributions can make an even greater impact! 🌟
✨ What is Gift Aid? Gift Aid is a scheme that allows charities to reclaim 25p every time an eligible taxpayer donates £1, at no extra cost to the donor!!! It's a simple yet powerful way to boost the value of your donations.
🌐 How does it work? When you make a donation, ensure you're a UK taxpayer, and the charity will ask if you want to Gift Aid your donation. By saying yes, you’re allowing the charity to claim back 25% of your donation from the government.
🤝 Benefits for Donors:
Maximize Impact: Your generosity goes further, as charities receive an additional 25% without any extra cost to you. That means your £100 donation becomes £125 for the charity!
Ease of Giving: It's a hassle-free process – a small “tick” box during donation, and you've made a big difference. The rest is taken care of by the charity.
Tax Relief for You: Gift Aid doesn't just benefit the charity; it benefits you too! When you make a Gift Aid donation, it's considered as if you had already deducted basic rate tax from the money. This can potentially reduce your tax bill if you're a higher or additional rate UK taxpayer.
Sustainability: Monthly Gift Aid donations by direct debit, help charities plan for the future, ensuring ongoing support for their projects. 🌈
Encourage Philanthropy: By embracing Gift Aid, you become part of a community of philanthropic individuals contributing to positive change. It's a collective effort to make a real difference in the world. 🌍
🚀 Make a Difference Today! Gift Aid transforms your charitable contributions into a force for good, benefiting both you and the causes you believe in. Spread the word, encourage others to Gift Aid, and together let's make a positive change in our communities, maximize our impact, and build a brighter future together!
If you are still deciding what charity to support as your Charity of the Year, please join me in supporting MAD-Aid, led by Victoria Dunford, BEM, with its lifechanging social projects that the charity is in process of completing / in the pipeline to make hospitals a better place, in moments when they are every newborn parents’ worst nightmare…. 🙏🏻
https://lnkd.in/eHuEgESM
Because tax efficiency (even when donating) is complicated enough!
#taxadvisors
#heretohelp
#giftaid #makeadifference
Sales Consultant at Tomlinson Linen
5moHopefully 🙏 we can work together in Seattle and show you why our valuable Clients have trusted us in the Pacific Northwest since 1916