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Thread: Question for those in the know - UK Charitable donations and income tax

  1. #1
    Craftsman
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    Question for those in the know - UK Charitable donations and income tax

    When making donations I tick the 'Gift Aid' box, if available, so the charity benefits financially. Also, when the completing HMRC self assessment I fill in the charity donations box so I benefit from a lower tax bill. Am I doing this right, should it be only one or the other, I've often wondered?

    If it is a win win for me and the charities what about the fact that we have also registered for Gift Aid with the local Hospice shop where we donate goods and they have now started sending an annual update of money raised from our donated items. Do I add that value to my tax return charity donation box?

  2. #2
    Craftsman
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    Yes, it's double bubble for high rate tax payers. I usually bump up my charitable donations by the extra amount I know I'll get back in my self assessment.

    The Gift Aid the charity gets is the basic rate tax you will have paid. You then claim back another 20% as the higher rate element (assuming you're paying 40% on some of your income).

    I wouldn't bother claiming the value of stuff a shop sold as a donation, you might open yourself up to investigation but I would enter all donations on your tax return.

    https://www.gov.uk/donating-to-charity/gift-aid

  3. #3
    Master
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    If you donate via an account on JustGiving and/or Virgin Money Giving, you can print off a handy statement of your donations at the end of the tax year.

  4. #4
    Master
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    Quote Originally Posted by alfat33 View Post
    If you donate via an account on JustGiving and/or Virgin Money Giving, you can print off a handy statement of your donations at the end of the tax year.
    My only objection is that they take a fee (AFAIAK). I just pay direct to the charity and stick it on a spreadsheet with other tax stuff.

  5. #5
    Master wileeeeeey's Avatar
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    Can you do this for previous tax years and if so how far can you to back? Never knew you could do this.

  6. #6
    Master
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    Quote Originally Posted by wileeeeeey View Post
    Can you do this for previous tax years and if so how far can you to back? Never knew you could do this.
    Think 4 years is the limit now.

  7. #7
    Master wileeeeeey's Avatar
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    Quote Originally Posted by David_D View Post
    Think 4 years is the limit now.
    Very helpful, thank you.

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