Tax Efficient Giving

Firstly, thank you for considering donating to The Myton Hospices.  We have to raise £7.8 million this year to continue providing our care. We cannot do it without people like you and therefore any donations are greatly appreciated.

We have put together a handy guide for those who want to gift to The Myton Hospices via their limited company.

Why donate to Myton?

  • A limited company can pay less Corporation Tax when:
    • It donates money to The Myton Hospices.
    • It donates or sells equipment to The Myton Hospices
    • It gifts land, shares or property to The Myton Hospices
  • Sponsorship of charities can also be classed as a business expense.
  • Your company can also donate its trading stock to a charity; the value of the gift does not have to be included in your sales income. This means that you get tax relief on the cost of the stock you have given away.
  • There is also the option to apply 0% VAT to any items given away.

Payroll or Pension Giving Schemes

As an employer, offering the benefit of a

The tax relief you get depends on the rate of tax you pay. To donate £1, you pay;

  • 80p if you’re a basic rate taxpayer
  • 60p if you’re a higher rate taxpayer
  • 55p if you are an additional rate taxpayer.

Please note you will still pay National Insurance contributions on the amount of your donation relating to earned income.

If you wish to gift a regular income from your pension, your pension provider may be able to set up a similar direct payment to Myton.

Other benefits…

By donating to a charity, it can be an additional retention benefit for your existing employees. For those staff members who have an interest in donating to charity they may find it a benefit that their employer donates to charity and even more so, if they want to involve them with volunteer work etc.

If you would like to discuss this further then please contact, our Charity of the Year partners BRI Wealth Management. Vicki Skinner, BRI’s Chartered Financial Planner and Wealth Administration Manager will be happy to answer any of your questions on 01676 523 550 or email on invest@brigroup.co.uk.

 

BRI Wealth Management PLC