Gift aid help

RedPen

I want to participate in gift aid. What do I need to record throughout the year to be able to fill in the relevant sections in my self assessment tax return?

PS: I hope this is the correct board for this Q.

mebu60

I just keep a note of the date, who to and the amount of donation. Total the amount at the end of the tax year and put in the relevant box on SA form when you are completing it. Keep the details for six years. There are rules around the amounts dependent upon how much tax you pay. Unless you're making sizeable donations and pay minimal tax you probably don't need to worry. Otherwise google 'Gift Aid HMRC rules'.  

Savvy_Sue

Are you a higher rate tax payer? While it's a good idea to keep your own records, it's only going to make a difference to your tax affairs if you are (because you can reclaim some tax back) - and obviously you need to ensure that your generosity is not exceeding the amount of (mostly) income tax you pay. 

sheramber

You need to sign up to Gift AId with the relevant charity.

Keep a record of how much you donate and ensure you have paid enough tax to cover the tax relief on the donation that the charity claim  from HMRC.