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Tax and charitable giving

At CADAS, we appreciate every penny that supporters give us. If you’re making a donation as an individual we may ask you to fill out a Gift Aid form to make your donation go further – and if you’re a corporate sponsor, you may be wondering whether there’s a way to get more out of the money you are able to give, too. If you make a small cash collection on our behalf at your church, club or society we can also claim back an extra 25%. If you’re not sure what to do, then look no further. We’ve asked the experts so you don’t have to. Our friend and supporter, Mike Booth, partner at Hanley & Co Accountants in Staveley, South Lakes, gave us the lowdown…

If you are a business owner, and you trade your business through a limited company, then the limited company can make payments directly to a registered charity and these will reduce the company’s profit and so reduce the company’s tax.

As an example, a donation of £80 will reduce the corporation tax payable by £15.20. Please note that a charitable donation cannot make a taxable profit into a loss, nor can it increase a loss.

If you are making a donation to a charity as an individual, and you are a UK taxpayer, you can make a Gift Aid declaration. This will enable the charity to reclaim the basic rate tax (that you have already paid) from HMRC.

As an example, a donation of £80 will enable the charity to claim £20 tax from HMRC. If you are a higher rate tax payer then you can reclaim the difference between the higher rate of tax and the basic rate of tax on the donation from HMRC. You can download Gift Aid declaration forms for single and multiple donations by clicking on the links below.

Gift Aid Declaration Single Donation August 2020

Gift Aid Declaration Multiple Donations August 2020

Based in Staveley, Hanley & Co Chartered Accountants is run by partners Mike Booth and John Gilbertson. As well as accountancy services, they also provide bookkeeping, payroll and advice on taxation to clients all over Cumbria and in the North West, particularly start-ups and hospitality businesses. “CADAS offers amazing support to some of the most vulnerable members of society and their families. We are pleased to be able to support such a worthy cause, particularly during these challenging times” says Mike.

 

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Company registration number: 2585199 | Charity number: 1002201

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