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Gift Aid for Limited Companies
The notes on Gift Aid for individuals are very useful, but I'd like to make a donation from my (limited) company. Is Gift Aid the most tax efficient (for the company and the charity) way, and if so are there any things I should be aware of in making and recording the donation? And if not, what would be a better way to donate?
Many thanks
Donald
'Maximise the millions'
The Charity Commission has published new guidelines today, 5 January, aimed primarily at people collecting to help disaster victims. They include the following advice on Gift Aid.
"Remember - GiftAid can save lives! For every £1 given by a UK taxpayer, the charity can claim an extra 28p in GiftAid, at no extra cost to the donor. When you consider how many millions have been given, that's a substantial extra amount towards the aid effort. Encourage people to GiftAid their donations by filling in the simple form here.
"This asks you to confirm you are a UK taxpayer and contains very simple questions about your name, address and amount of donation, and asks you to declare that you want it treated as GiftAid.
"If you are arranging a local collection, please think about printing off some of these forms and asking donors to fill them in. When you have banked the donations from a local collection, send off all the GiftAid forms to the charity, who will be able to reclaim the tax on them. It may be helpful to include the bank/building society receipt to prove that those amounts have been given.
"If you are donating over the counter to a charity such as the Disasters Emergency Committee, most banks have in place a system which will enable you to take advantage of Gift Aid when making a donation. Building Societies should also be aware of the scheme. Please ask if in doubt."
Andrew Goodall: [email protected]