Maximising Your Charitable Donations: Tax Relief Benefits and More
As we approach the end of the financial year, it's the perfect time to explore how charitable donations - in a personal capacity or from a business - can be maximised to both support Kids Inspire while also providing valuable tax relief for you. Here's a guide to help you navigate the ins and outs of charitable giving in the UK in 2024.
Gift Aid:
One of the simplest ways to boost your donation is through Gift Aid. This scheme allows us to earn extra funds at no additional cost to you. If you're a UK taxpayer, your donation can be treated as if basic rate income tax has already been deducted, and we can reclaim that tax from HMRC. It's an easy process, typically offered to you at the point of donation. Just ensure you provide your postal address for us to make the claim.
Please note: At the point of donation or payment (for one of our social events etc), you will be asked to tick whether you are eligible for Gift Aid.
Tax Relief for Higher Rate Taxpayers:
If you're a higher-rate taxpayer, there's even more incentive to give. You can claim back the difference between higher rates of tax (40% or 45%) and the basic rate (20%) on the total value of your donation. It's a win-win situation – you support a worthy cause while reducing your tax bill.
Gifts of Assets:
Did you know you can also receive income tax relief on gifts to Kids Inspire? This relief is in addition to capital gains tax relief on gifts of assets to charity. Qualifying investments include listed shares and securities, units in an authorised unit trust, shares in an OEIC, an interest in an offshore fund, and even UK property. By donating these assets, you not only support our cause but also reduce your total income tax liability, potentially securing substantial tax relief.
Giving in Your Will:
Planning your estate? Consider leaving a legacy to Kids Inspire. Not only does this help support our mission, but it can also reduce the overall amount of inheritance tax your estate may owe. Charity donations are exempt from inheritance tax, offering a powerful incentive to include charitable giving in your estate planning. Plus, gifts made to Kids Inspire within seven years leading up to your death are covered by the same exemption, providing peace of mind for your loved ones.
Making the Most of Your Donation:
However you choose to support Kids Inspire, please know that your contribution is invaluable. Whether through one-time gifts, regular donations, or legacy giving, you're helping to build a more resilient generation of children, young people, and families across our region.
For more information on being involved to support the work of Kids Inspire please visit our website or get in touch with our team. Together, we can make a difference and create a lasting impact in the lives of those who need it most.
Thank you for your generosity and support. Here's to a brighter future for all.
Your donations help many young people. Find out more about some of them here.
The Impact of a charity can be measured in multiple ways. Discover more about Kids Inspire’s impact here.