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Gift Aid
- Gift Aid is a Government-devised and supported initiative to enable registered charities such as Fetteresso to augment their income by reclaiming tax on donations received. In our financial year ending on 31 December, we are hoping to receive around £24,000 from this source.
- The Gift Aid form has only to be signed once – it continues indefinitely, and does not have to be renewed annually or periodically.
- The only requirement is that the individual signing must be a tax payer. There is the additional benefit for higher rate tax payers in that the donor can reclaim the top slice of tax on his/her donations.
- Signing a Gift Aid form does not bind you to giving a specific amount for a precise period; gifts can be varied at any time.
- Contributions must be identified in some way; either by monthly standing order via your bank; by cheque; or by participating in the weekly envelope scheme.
Gift Aid forms are available from Una in the Church Office (tel. 767689), or Hugh Duncan (760886). All new donors to the Gift Aid scheme are most welcome!
Payroll Giving
As all our taxpaying donors will know, the standard rate of tax is scheduled to fall from the present rate of 22% to 20% as from 6th April 2008. However, the Chancellor in his budget announced that the tax reclaim rate for charities such as Fetteresso will remain unchanged at 28.2% for the next three years, this continuing to be the rate at which we claim tax back from HM Revenue & Customs on contributors’ Gift Aid donations. Looking forward, this makes joining the Gift Aid scheme an ever more worthwhile move for our taxpayers.
Another recently introduced system worthy of examination by our employed donors is for them to explore the possibility of changing from the normal standing order, envelope or cheque system to the Payroll Giving method. This scheme can result in an increased net receipt by Fetteresso from the same size of donation made by the donor, and additionally the employer can add a contribution from their funds which in their case is also tax deductible. Do ask your employers whether they operate such a scheme, and whether you can join it. Some of our Gift Aid donors have already switched to Payroll Giving, and both they and Fetteresso are pleased with the outcome. Pensioners can also join this scheme, as long as their Pension Scheme operates a PAYE tax deduction system. Fuller details and answers to questions can be found online at www.hmrc.gov.uk/payrollgiving/donors/questions.htm
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