Tax deductible charity donations?

missk_ensington

Hi can someone advise the tax benefits of a business donating to charity?

I am hosting a charity ball and there will be an auction, of which I ma hoping local businesses will donate items/services - can these businesses then reduce their tax by the value they've donated?

Do I have to give them something to document their donation?

Thank you

nee24

Did you get yours sorted out by the way ?

Bean_Counter

missk_ensington wrote: »

Hi can someone advise the tax benefits of a business donating to charity?

I am hosting a charity ball and there will be an auction, of which I ma hoping local businesses will donate items/services - can these businesses then reduce their tax by the value they've donated?

Do I have to give them something to document their donation?

Thank you

I would have thought that the answer is yes, anything is tax deductible. If a company donates an item or product, then the stock write off would be tax deductible. If a service were given, then the salary and other costs of providing the service is tax deductible either way.

In terms of giving something to document the donation, it would be good PR if nothing else to send a thank you letter and they would then be more inclined to donate in the future.

Hoddie_2

I think you need specific professional advice if you're considering claiming any significant sponsorship as an expense, particularly if you're 'sponsoring' yourself or a relative in your/their sporting persuits.

missk_ensington

nee24 Hi, I'm glad you got your direct payments sorted out, there isn;t a lot known about them so lots of people who qualify are living without the help they need and are entitled to.

Hoddie - It's not really to oneself, it'll be local businesses giving to a registered local cancer hospice.