Many people are concerned that their donations to charity may be reduced by tax or administrative costs, preventing the full amount from reaching the people or causes they really want to help. Thankfully there are ways to make the most of every donation to charity.
If you’re a UK taxpayer, you can boost the amount of every donation you make by giving through Gift Aid, an Income Tax relief created to help charities get the most out of the funds they receive. As Gift Aid enables the charity to recover the basic rate of tax on your donation, the scheme adds 25p to each £1 you give at no extra cost to you.
There are many other ways to give to charity tax-effectively too, such as by donating straight from your salary before tax is deducted through a payroll giving scheme, donating shares to charity or leaving a charitable legacy in your Will. These methods of giving ensure your chosen charities benefit as much as possible from your support.
GIVING TO CHARITY INTRODUCES YOUR CHILDREN TO THE IMPORTANCE OF GENEROSITY
Sharing the experience of donating to charity with your children shows them from a young age that they can make positive changes in the world. Children naturally love to help others, so nurturing their innate generosity is likely to mean that they grow up with a greater appreciation of what they have, and will carry on supporting charity in years to come.
Starting a tradition of donating to charity with your children is easy – try creating a family donation box that everyone can add to and nominate a family charity each year, involving the children in choosing which causes to support.
