Daily Archives: December 27, 2014

Donate Money and Save Tax With Gift Aid! 1

If you are a higher rate (or additional rate) tax payer, you can reduce your tax liabilities by donating money to a charity. The Gift Aid scheme is used to claim back the ‘extra’ tax you have paid. Gift Aid is beneficial to both you and the charity you are giving your money to.  This article aims to describe and gives an example of how Gift Aid works. What is Gift Aid? Gift Aid is a way for charities to increase the value of monetary gifts from UK taxpayers. They do this by claiming back the basic rate tax paid by the donor(individual taxpayer) on the donation. The Gift Aid scheme […]