If you’re one of the millions giving to charity today then don’t forget to Gift Aid your donation.
Not only will the charity get some extra cash from the Government (no small feat these days!) you can also get a bit of tax back yourself – if you pay tax at 40%.
For example – if you give £80 to charity then the taxman will top this up to £100 on the assumption that you are a basic rate tax payer. A higher rate tax payer can then claim £20 off their tax bill when they do their tax return.
So, a donation to charity for higher rate tax payers only costs them 75% of the amount they donate. Bargain! Why not give the extra to charity?!
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