On your Marks, Gift Aid, Go!

On your Marks, Gift Aid, Go!.jpg

Did you know that you as a taxpayer can help fund future Olympic champions? Many people are aware of the tax breaks for giving to charities through Gift Aid, but not many realise that the scheme also applies to the 6,800 Community Amateur Sports Clubs (CASCs) who are registered with HMRC.

The scheme means that for every £80 donation from UK taxpayers, a club can get an extra £20 through Gift Aid – making a £100 donation.

Anthony Thomas, Chairman of Low Income Tax Reform Group (LITRG), said:

“A Gift Aid donation to a local sports club is a great way for taxpayers to support sportspeople because it gives clubs the chance to claim tax relief on the money they use to promote and provide facilities. Many of those competing in Rio might not be there were it not for the support of local clubs.”

full list of clubs registered with HMRC can be found on GOV.UK for those looking to donate.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Nick Park analyses the Budget on BBC Radio Wales

To find out what other announcements were made in  the Chancellor’s Budget, read our Budget Summary.

Budget 2015 and 2015/16 Tax Tables

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Our updated Tax Tables are available here – find out what the new rates mean for you.

If would like to  read our summary of the 2015 Budget, then please follow this link: Budget Summary 2015

The main issues include:

Farmers averaging – Farmers will be able to average their profits over five years instead of just two from April 2016.

Employer’s national insurance allowance – The employer’s national insurance allowance of £2,000 has been extended to 2015/16. Make sure you claim this on your payroll.

Help to Buy ISA – A new Help to Buy ISA will be introduced with the government providing a £50 bonus for every £200 of monthly savings up to a maximum of £3,000 on £12,000 of savings. The aim is to start the scheme from Autumn 2015.

Deeds of variation – The government will review the use of deeds of variation for inheritance tax planning.

For more tips, refer to the ‘think ahead’ boxes of our guide.

Please contact us if you need more information on these changes, or any other matter.