You are here: Home - Uncategorized -

Charities lose out to the taxman

0
Written by:
05/12/2006

Recent research has revealed that UK charities lost out on £808m last year, because those giving failed to do so tax-efficiently.

According to independent financial adviser group Unbiased, people donated £8.2bn to charitable causes last year. But this amount would have increased by 10%, or £808m, if donors had utilised the tax allowances available to them.

About 10 million people do give in a planned and tax-efficient way through Payroll-giving (Give as you earn), where employees allow a regular sum to be deducted from their salaries by their employers and given to specified charities.

Chief executive of Unbiased, David Elms, said: “People’s donations to charities have increased once more this year, but we all need to use the most tax-efficient methods of donation to maximise their beneficial impact on the causes for which they are intended .

“There is no need for anyone to waste tax when making charitable donations and by doing it carefully this can be avoided.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Lloyds TSB launches Save the Change

Lloyds TSB is launching a debit card with its UK current accounts which automatically rounds up purchases to the nearest...

Close