- Tax Saving
Are you a Higher-rate UK Tax Payer?
Reading articles about tax saving tips can be lengthy and boring for someone and too mach facts can’t be digestible, how about saving your tax in fun way you do it anyway?
Watch this Video…………..
Let’s take an example when you go on holiday with your family and friends.
Do you visit English Heritage sites, Musuem, Reasearch center more often or along with family? (such as; Stonhenge, Dover Castle, Tintagel Castle & Minack Theatre etc.)
Have you thought aboout claiming tax relief ?
- You can claim your Tax relief on Entrance Fee you pay it anyway!
- Look for UK Taxpayer signboard at Ticket Counter or online checkout
- Ask or select paying entrance fee tickets as Gift Aid (donation).
- Remember if you don’t ask for, you will never get it.
How this calculation works:
If you pay tax at the higher or additional rate, you can claim the difference between the rate you pay and basic rate on your donation. Do this either:
- through your Self Assessment tax return
- by asking HM Revenue and Customs (HMRC) to amend your tax code
Example: You donate £100 to charity – they claim Gift Aid to make your donation £125. You pay 40% tax so you can personally claim back £25.00 (£125 x 20%).
With Payroll Giving, you don’t pay the difference between the higher and basic rate of tax on your donation.
Organisations & Sites (that are approved), happy to serve you as they also receive an extra 25% fund from govt. to support this scheme. So in the above example of £100 of entry fee, Sites/ Trusts claim extra £ 25 support from govt and you also can claim £ 25 back. So you pay effectively £ 75 GBP which gives organisation £ 125.
Isn’t it a win-win deal for everyone!!
Don’t delay, start Gift Aiding and claim your tax relief online using HMRC Personal Tax Account the most quickest and convenient way!!.
In case you need more information and need help, CoreAdviz Accountants are happy to help you.
Contact blog writer Rajiv Singh for more information