Tuesday 3 May 2011

Give books and tat -- and get tax back

Had a big clearout over the weekend and took 4 crates of children's books to Oxfam.

What was new to me ( maybe not to many readers) is that they can claims back tax on the value of what you give.

It's the Tag your Bag scheme, for which you have to be registed with them for Gift Aid.

Effectively, they act as your agent in selling the goods, then you donate the money on which the tax refund is claimed.

Here the tax people HMRC explain how charities can do this, so even a small local charity might be able to take advantage -- and boost the value of donations by 28%.

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