Newham and Essex Beagle's AC is now registered Community Amateur Sports Club (CASC). This means that non competing club members with more than 25yrs of club membership can now make a donation to the club, instead of paying subscription fees using the Gift Aid Declaration form. Sponsors and donors can also make donations to the club.
What is Gift aid?
Newham and Essex Beagle's AC can claim 28p for every £1 donated, provided that it is a
personal donation and the donor is a UK taxpayer. Gift Aid is a system
administered by the Inland Revenue to promote charitable giving. It is
important you understand it as it could boost the amount you raise by
28%.
For example, if you are a basic rate tax payer (i.e. 22%), for every £1.28 you earn you only take home £1.00. If you give that £1.00 to
charity with a Gift Aid declaration, Newham and Essex Beagle's AC can claim back the tax
you paid to make your £1.00 back up to £1.28.
Your sponsors don’t have to pay 22% basic rate income tax to qualify
for Gift Aid - lower rate or 10% tax payers and even people who only
pay tax on their bank interest at 20% qualify too. The Inland Revenue
will still make the rebate up to 28% regardless of the rate at which
the tax was originally paid.
For sponsors / donors who pay tax at 40%, the rules are slightly different. If
they have income or capital gain of £1.28, they only take home 77p. If
they give £1 to Newham and Essex Beagle's AC we can still claim 28p from the Inland
Revenue, but if we give them receipts, the individual can claim back
the other 23p on their tax returns. If you are wondering about Gift Aid
from companies, the rules have now changed. Companies can now give to
charities from their gross income before tax, so sadly there is nothing
left for the charity to reclaim.
It costs you absolutely nothing!!
A Gift Aid declaration is simply a statement that the donor is a UK
taxpayer who wishes the charity to claim back the tax on the donation.
It doesn’t even require a signature. Newham and Essex Beagle's AC simply need to have
the home address and postcode of the donor / member in case their tax inspector
wants to check out their claims. This information is not put on to our
mailing database.
What do I have to do?
Complete
the Gift Aid Declaration form and send it with your donation to the
Subscription Secretary. Please note that tax can only be reclaimed on
donations made
by individuals who pay UK income or capital gains tax at least equal to
the amount reclaimed on their donations in the current tax year.
