[ˈʧærɪtəbᵊl dəʊˈneɪʃᵊnz]
Charitable donations are vital in order to keep charities running, which in turn helps wider society. It is encouraged by the government through tax benefits.
Charitable donations refer to the act of giving money or assets to a registered charity without expecting anything in return. These donations allow charities to continue their work and make a positive impact on society.
Individuals and businesses can claim tax relief on their charitable donations. This means that the amount donated can be deducted from their Taxable Income.
Most charities can claim Gift Aid if money is given to them directly. An individual or business can reduce their tax bill by claiming the tax relief through Gift Aid when filing their Self Assessment. If the individual or businesses decides to donate assets instead (property, land etc), they can claim tax relief on Income Tax and Capital Gains Tax.
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We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!
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The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
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