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.
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.Read more
Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.Read more