WOMENAID µ INTERNATIONAL |
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GIFT AID |
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Gift Aid is tax relief given on single cash gifts made to charitable organisations by UK residents or companies. You can give up to £5 million through Gift Aid each tax year but each gift must be at least £250 net of basic rate tax. Cash gifts include payments made by cheque, bank transfer and credit cards. How does it work? You make a payment to the charity, net of basic rate tax and you need to complete a certificate, R190(SD) for individuals and R240(SD) for companies. The charity will usually provide these forms so that it can claim the tax back from the Inland Revenue. Through Gift Aid the value of your gift is substantially increased. In each tax year you can use Gift Aid as often as you like to make gifts to WomenAid or other charities. If you pay tax at the basic rate this is all you have to do. If you pay higher rate tax you can get full tax relief on your gifts. Tell your tax office about your gift and fill in the amount of your Gift Aid payment on your tax return. Your tax office will give you extra relief through your tax code or assessment. In this way a net payment of £750 would cost you only £480 but be worth £1000 to the charity. If you do not pay tax there is no advantage in using Gift Aid.
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Finance Officer WOMENAID |
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INTERNATIONAL