Charities are bracing themselves against a yearly loss of more than £90m when
the income tax rate falls from 22% to 20% next month.
Gift Aid enables charities to reclaim the tax paid on one-off donations,
which means when Gift Aid is included, every pound donated to charity is
actually worth £1.28 to the organisation in question.
But from April 5 the value of donations will drop to £1.25 for every pound
donated, which will reduce charities’ income by more than £90 million a year –
the equivalent of vaccinating 18 million children against childhood diseases.
IR35 employment status tax rules may result in workers losing part of their income, says professional body
Committee expresses concern about costs to businesses and April 2018 implementation date
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance