As it is National Giving Week, HMRC
has issued a reminder to taxpayers that the value of gifts made to charities
under the Gift Aid scheme is increased by over a quarter thanks to a ‘top up’
from the taxman.
The scheme allows charities
to reclaim the basic rate tax you have already paid on the money you donate,
meaning that a donation of £10 is worth £12.82 to the charity.
To make sure this happens, taxpayers must make a simple declaration (which
can be made orally as well as in writing) saying that you pay enough tax to
cover what the charity will reclaim.
Higher rate taxpayers can also get back the difference between the basic and
higher rates (18%) of their donation direct from HMRC.
Paymaster General, Dawn
Primarolo, said: ‘Gift Aid is the easiest possible way to give to charity,
and provides a real boost to a great many charities.’
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
Since the release of HMRC’s plans for digital tax reforms, many have agreed with the call for a delay