Gift aid donations and charity memberships are tax deductible

Gift Aid Charitable donations

Gift aid donations and charity memberships are tax deductible!

Many higher rate taxpayers fail to reclaim tax relief on gift aid charitable donations and charity memberships. Here you will find out how easy it is to claim that tax relief.
In order to reclaim the tax a gift aid declaration form needs to be completed.

Gift Aid

Most charities actively encourage and help members or donors to complete the gift aid declaration. It is a way of them significantly boosting the value of membership and donations, by effectively getting an uplift from the government. The basic rate of income tax (20%) on the value of the contribution made by our membership fees or donations.

How to claim tax relief

For a higher rate tax payer you can claim back the rest of the tax that you have paid on charitable donations by including them on your self assessment form. Remember to keep a note of all those donations you make to your friends, family, work colleagues, and random strangers. It all adds up!

Contact In Accountancy to see how we can make your donations tax-deductible!

Charitable Memberships

Something that many people fail to realise is that there are a number of membership organisations, which are actually registered charities. Therefore you can claim tax relief on your annual (but not lifetime) memberships and regular entrance fees. These include the likes of: The National Trust, English Heritage, various Museums and even your birthday trips to the Zoo!

Let’s start a conversation 

    Subscribe me for updates and news from In Accountancy

    Related articles

    time to pay arrangement
    Limited Companies

    Time to Pay Arrangements: A Lifeline for Owner-Managed Businesses

    Are You Struggling to Meet Your Tax Obligations?

    More than 30,000 UK businesses were involved in some kind of insolvency action in 2023, which was an increase of more than 50% compared with 2021 according to an article in the Guardian earlier this year.

    And the economic outlook would suggest that despite the fact that we are no longer in recession, 2024 and 2025 will be a challenging year for UK small business.

    With this in mind we have prepared the following guide and associated video to help you understand what your options are with regards to agreeing what is known as a ‘Time to Pay’ arrangement with HMRC.

    Read More »

    Find out how we can help?

    Lectus scelerisque a donec tincidunt litora per eleifend eget ut sagittis conubia pharetra scelerisque dui ultricies duis parturient auctor adipiscing.

     

    Let’s start a conversation 

      Subscribe me for updates and news from In Accountancy

      IN-ACCOUNTANCY

      Search