- Individuals are able to claim higher rate relief on cash gifts and payments to charities under gift aid. Basic rate tax is treated as having been deducted, so you must pay enough tax for the year to cover the tax witheld from your Gift Aid payment.
- Special tax reliefs apply to gifts to charities of certain types of shares and securities, or land and buildings.
- Self-assessment now allows individuals to divert some or all of any tax repayment due to them for the year to a charity of their choosing, and to opt for this to be treated as a Gift Aid payment, both via entries on the tax return.
- Individuals also now have the option to make a claim for a charitable donation made in one tax year to be treated as if it had been made in the previous tax year, so long as the claim is made by inclusion on the Tax Return for the later year. So long as the later year's Return is filed in time, this would mean that a payment could rank for higher rate tax relief for the earlier year, even if the donor is liable at basic rate, only, in the tax year in which the payment is made.
Give As You Earn
- Employees may authorise participating employers to deduct donations from their gross salary for forwarding to their nominated charities.
- Employees receive tax relief in full on their donations.
- Employers with fewer than 500 staff, who set up a Payroll Giving scheme between April 2024 and December 2024 will be entitled to receive a grant to offset the costs of setting up the scheme. The Home Office programme will;
- give employers a cash incentive of up to £600 and
- match the first £10 donated by each employee, every month, for a period of six months.
Setting up in business | Legal Compliance | Keeping informed | Planning for profit | Raising finance |
| Managing growth | Buy, sell or merge | Minimising tax | Agreeing tax liabilities | Tax Rates 2017/2018 |
What Are The Benefits For You Demack?
- Most business owners are facing challenges in these harsh financial times. We are passionate about your business and finding not only solutions to these challenges, but also to help you progress, grow and, most importantly, keep more of what you earn.
- Despite the economic downturn our Top 15 customers have increased their combined net worth by 79% and are still growing!
|1-3: Compliance work
Regular visits of at least three times a year
Deeper knowledge/understanding of business
We are interested in being closely associated with your business
So you get peace of mind from knowing someone is paying close attention to how your business is running the whole year and not just when the accounts need doing.
We will show you the valuable insight that can be gained from the analysis of your accounts.
Helping you understand your accounts so you can spot potential opportunities or danger areas much more quickly, helping you plan your cash flow more accurately.
And giving you guidance on how you can improve your profitability.
So you know book-keeping and accounting systems are working through the year so preventing any nasty surprises at the end.
You can get a lot more out of your accountant than compliance work.
|4: Pushing for Profits
Forecasts to implement the four ways to grow
Using the details of your accounts
Pushing for Profits workshop
Time away from working IN your business to work ON your business allowing you to focus on its true potential.
By using the four ways to grow model you will be able to set a specific action plan to develop your business over the coming financial year to maximize your profit margin.
From our knowledge of your accounts we can create accurate forecasts that plot the best way to grow your business by highlighting the areas with the most potential for increased profitability.
|5: Taking Financial Control
The monthly reviews of the taking financial control programme will keep you focused on your financial and tactical goals and keep a focused eye on profitable opportunities.
The programme will make sure you have the ALL information you need to allow you to feel confident in all the necessary financial and tactical decisions you will need to make.
It will also make sure you are within or beating your cash flow, balance sheet and P&L forecasts helping you make the most of the money you have and stop unnecessary wastage.
6: Planning For Growth
Development of Business Plan
Helping you keep more of what you earn
All good businesses have a robust plan for the future. The Planning for Growth process helps you to construct a solid vision of the direction and growth of your business.
From this strong relationship and in-depth understanding of your company you can develop long term strategies which include tax mitigation planning.
Business start-ups, Accounts Preparation, Tax Planning and Advice, Tax enquiry and investigations, Personal & Business Taxation including Income Tax, Self Assessment Tax, Coming into/Leaving the UK, Inheritance tax, Capital Gains Tax, Corporation Tax, National Insurance, PAYE, Value Added Tax Advice and Company Secretarial services
What a Demack Chartered Accountant can do for you? Call +44 (0)20 784 1122