GIFT AID – Good News
From April 2008 the standard rate of tax is reduced by 2%, (22% to 20%) which is good news for everyone. However for payments made by Gift Aid donors this meant that the amount of money the Parish can claim back from the taxman was due to fall by about 11 percent! But luckily in the Budget 2008 the taxman will make up the difference for all Gift Aid payments by making a transitional payment of 2% for three years until 2011 on all Gift aid payments thus leaving the overall amount of money the Diocese can claim back unchanged.
The news is even better for Higher Rate taxpayers who can claim back the difference between standard and higher rate tax for ALL payments made by Gift Aid. The Parish and Diocese would be delighted if anyone in this situation would like to share their good fortune and slightly increase their Gift Aid contribution.
If you would like to make additional donations via Gift Aid please put your unique Gift Aid Number on the envelope with the payment. If you have mislaid your Gift Aid Number Trish Davies in the office can advise you of it.
For anyone who is a taxpayer and who has not yet signed up for Gift Aid it only requires the completion of a Gift Aid form and full details can be obtained from Trish Davies in the Office. You can pay by Standing Order at the Bank, or by planned giving with envelopes or by one off payments.
2% cut in basic rate Income tax sounds like good news!
Yes it is good news and also the latest announcements in the March 2008 Budget allows payments back to the Diocese to remain the same for the next three years.
CAN YOU HELP?
You must be a UK taxpayer in order to make payments by Gift Aid.
We know that many standard rate taxpayers will not necessarily benefit from this reduction in tax but would still ask you to review your donations via Gift Aid to support the Sacred Heart Hook and the Diocese.
GET THE MOST FROM GIFT AID
If you are a taxpayer please remember you can give one off gifts to us via Gift Aid as well as your regular giving but for audit purposes you must provide your unique Gift Aid Number with the payment.
IF YOU ARE A HIGHER RATE TAXPAYER
Do ensure that you claim your additional tax relief. From April 2008 this will be worth the difference between the standard and higher rate of tax for everything you give under Gift Aid. You can reclaim this through your self-assessment tax return or by writing to your tax office. If you are unsure what amounts you have given throughout the year please contact Trish Davies in the Church Office.
IF YOU COMPLETE A SELF ASSESSMENT FORM
You can donate any repayment due to the Parish. All you have to do is to tick the relevant boxes and enter the SA Charity Refund code. NAB84JG for the Portsmouth Diocesan Trust on your self-assessment tax form..
Other Charities can be found on www.hmrc.gov.uk/charities/charities-search.htm
More information can be obtained from Trish Davies in the Church Office –
office @ sacredhearthook.co.uk