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July 25, 2012

Charities - tin-rattling to become more attractive

If you're involved with the finances of a charity that receives donations, you might want to be aware of a change coming in April 2013.

At present, if a donor signs a Gift Aid declaration when making a donation (or signs one covering a range of donations) then the charity can claim some extra tax back from the goverment - 25% of the donation.  If there's no signed declaration, the charity can claim nothing.

From the next tax year, a charity with a good record of claims will be able to claim the extra 25% on up to £5,000 of donations as well, as long as all those donations unaccompanied by a declaration are under £20.  So, in effect, if you manage to collect £2,000 in collecting tins during the year, HMRC will give you another £500.  Every little helps etc.

Posted at 10:14 AM in Charities, Tax |

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