This month we bring you three key updates to Gift Aid, including an increase in the individual gift limit for the Gift Aid small donations scheme (GASDS), new HMRC preferences on names, and a reminder about church finances/taxes being a team sport.
It’s not too late to make a charitable gift in tax year 2018–2019
The new tax year has begun, but it’s not too late for your members to make a tax-efficient gift for 2018–2019.
As you’ll know, your members can only claim Gift Aid on a donation if they’ve paid enough income or capital gains tax in that year to cover the basic rate tax your church will reclaim, as well as any higher or additional rate tax they will reclaim personally.
We're pleased to announce today a ground-breaking new feature to add Gift Aid instantly to charity donations made using our giving accounts.
Gift Aid is a long established scheme and generally well understood and used by churches. Here is a list of 10 do’s and don’ts to help make sure you are operating the scheme well.
Donor benefit rules exist to limit the amount of benefit that a charity can give to a donor (or people connected to them) and still be able to claim Gift Aid on a donation. Generally benefits take the form of small gifts given by the charity in appreciation for the donation. As announced in the November 2017 budget, the rules around this are changing.
HMRC Charities has recently set up a new dedicated Outreach Team to offer help and support to charities to enable them to get things right first time.
The method for claiming Gift Aid has changed and despite lobbying by Stewardship and other charities, the transitional period for continuing to claim using the old R68i claims form is still expected to finish on 30th September 2013.
In a move described by some as the biggest change to Gift Aid since it was introduced, HMRC have announced that they will move the Gift Aid claim process to an online system with effect from April 2013. The existing claim Form R68i will be withdrawn.
The Gift Aid Small Donations Scheme, which will be introduced from April 2013, is very nearly law. The Scheme will allow a new ‘Gift Aid style top up payment’ from the Government on cash donations (such as church collections and bucket collections) but without the need to obtain a Gift Aid Declaration from the donor.
In our last Legal Eagle e mail bulletin, we highlighted the need for churches and charities to use the most up to date Gift Aid claim form, the R68(i) in order to ensure that your Gift Aid claim is repaid as quickly as possible.
HMRC have today gone further by announcing that they will no longer accept the older forms that some charities are still using.
blogs by the Stewardship team and selected guest writers.
Stewardship is the operating name of Stewardship Services (UKET) Limited. Established in 1906.
Registered charity no. 234714, and a company limited by guarantee, registered in England no. 90305.
Registered office: 1 Lamb's Passage, London EC1Y 8AB
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