Did you know that you could help the parish financially if you pay any form of Income Tax? The Gift Aid Scheme is simply a way that parishes can reclaim a refund of the tax that you paid on the donations you make. Please take time to read and, hopefully, complete a Gift Aid Declaration. The Gift Aid Scheme is simply a way by witch parishes can reclaim a refund of the tax that you paid on the donations you make.
Question. How much income tax must I pay to be able to take part in Gift Aid?
Answer. You can join the Gift Aid scheme if you are an income tax payer and pay tax at either the basic or higher rate. Lower rate tax payers including those paying tax on pensions, savings and investments can also join, providing they pay an amount of tax at least equal to the amount of any refund claimed by the parish (see table below). Therefore provided you pay at least Â£14.67 income tax per year you can donate Â£1 per week. The parish can reclaim Â£14.67. If you give each week This amounts to each year Income Tax reclaimed by the parish Total real donation to parish
|If you give each week||This amounts to each year||Income Tax reclaimed by the parish||Total real donation to parish|
Question: Do I have to make my earnings known?
Question. What if I have already signed a covenant?
Answer. Your existing covenant will continue to be valid for the covenanted amount and payments will continue to be collected and nothing further is needed to enable us to recover the tax. However, if you wish to increase the amount of giving to the parish and wish the parish to benefit, you will need to complete a Gift Aid Declaration. We would therefore ask any tax payer to seriously consider completing a new Gift Aid Declaration (even if they already have a covenant).
Question. Can I change the amount I give?
Answer. Yes. You can increase or decrease the amount you give at any time without having to complete a fresh declaration. Gift Aid allows us to reclaim tax on all amounts given, including irregular, one-off payments (no matter how small, or large). It also means that where existing covenanters give more than they have covenanted we can make reclaims on the extra amounts.
Question. What if I stop paying income tax to the level the parish can reclaim (see table above)?
Answer. Let us know and we will cancel the declaration.
Question. Is the Gift Aid confidential?
Answer. Yes. The parish has to keep accurate records of receipt, but only our parish organiser has access to details.
Question. What methods of giving are allowed by the scheme?
Answer. Cheques, Standing Order or cash. However, if you give in cash, it needs to be put in a numbered envelope so there is a proper ‘audit trail’. (Please note that the amount you give is confidential as the cash counters do not know to whom the envelopes belong)
Question. What about High rate Taxpayers?
Answer. High rate tax payers will benefit through additional tax relief if they declare their Gift Aid Declaration on their tax return.
Question. How does the scheme work?
Answer. The standard rate of income tax is 22p in the pound. If a person earns Â£1.28 the tax off is 28p (22% of Â£1.28). This leaves the person with Â£1.00 “in the pocket”. If the Â£1.00 is then given to the Church, and the parishioner signs a New Gift Aid Declaration, the parish can claim back the 28p. (The Â£1.00 has to be given in an envelope which can be recorded. An increasing number of parishioners are now paing regularly by Standing Order.)
Question. What about couples?
Answer. A Gift Aid Declaration can only be made in the name of an individual parishioner since income tax is claimed back against his or her own tax. If both spouses pay tax they may wish to make separate Declarations for the amounts that they give and must then use their own numbered envelopes or separate banker’s order. This enables accurate records to be kept.
Please join the Scheme at the earliest opportunity.
Forms and information available from:
Mr. Gordon Wilson or Fr.Jim Allen tel: 01228 521704 (St.Bede’s Church)
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