Gift Aid donations
This time of year a lot of people are making charitable donations.
Last Wednesday I happened to give £20 to a registered charity collector and when I got home I found that I had won £25 on the Premium Bonds (true story!). There is an old saying that whatever you give you get back!
The point of this message is that gift aid donations are a source of tax relief but only if they are recorded on your personal tax return. So remember to keep a record of all gift aid donations because it will now be some months until your tax return for 2012/13 will be prepared and you may have forgotten and could miss out on tax relief unless you keep a proper record of such donations.
Written by Philip Woolfson
Philip is a Partner of Tuchbands, a dynamic firm of North London accountants based in Golders Green. Philip has handled accounts and taxation for a wide range of industries, from property investment through to the fashion industry and in his 35 years has helped hundreds of businesses to thrive in both rising and falling markets.