HMRC says....
Claiming tax relief for donations to charity
If your business makes a qualifying charitable donation of money to a charity, it can deduct the amount of the donation from its profits for Corporation Tax - potentially reducing its profits to nil. Although it can't use any excess donations to create or increase any losses.
If you're a sole trader, or your business is a partnership, payments you make to charity may qualify as donations under the Gift Aid scheme. They're personal donations so you won't be able to set them against your profits for tax purposes. But your chosen charity will be able to claim back an amount equivalent to tax on the donation at the basic rate.
Posted By: Pixelman on November 27th 2014 at 17:08:27
Message Thread
- FAO Bean counters: Can I put Charitable Donations down as a business expenses in my P&L (General Chat) - Ken Dodds Dads Dog, Nov 27, 17:04:53
- HMRC says.... (General Chat) - Pixelman, Nov 27, 17:08:27
- Thanks for this, I'm a sole trader (for cod's hake) so I guess not. (n/m) (General Chat) - Ken Dodds Dads Dog, Nov 27, 17:13:48
- Doesn't really take a brain Sturgeon to work it out though. * (General Chat) - DrDublin, Nov 27, 17:20:52
- You shouldn't have to add a caviarat to join in a fishpun thread (n/m) (General Chat) - Ken Dodds Dads Dog, Nov 27, 17:22:43
- He is a dab hand at them though (n/m) (General Chat) - Pixelman, Nov 27, 17:24:24
- I'm getting a haddock again (n/m) (General Chat) - Pixelman, Nov 27, 17:21:34
- You shouldn't have to add a caviarat to join in a fishpun thread (n/m) (General Chat) - Ken Dodds Dads Dog, Nov 27, 17:22:43
- Doesn't really take a brain Sturgeon to work it out though. * (General Chat) - DrDublin, Nov 27, 17:20:52
- Thanks for this, I'm a sole trader (for cod's hake) so I guess not. (n/m) (General Chat) - Ken Dodds Dads Dog, Nov 27, 17:13:48
- Chapter and verse... (General Chat) - Old Man, Nov 27, 17:07:36
- Oh, and obviously you can't get anything (or very much) back in return from the charidee (n/m) (General Chat) - Old Man, Nov 27, 17:09:13
- Not even a smug feeling of self-righteousness? (n/m) (General Chat) - Ken Dodds Dads Dog, Nov 27, 17:16:17
- Oh, obviously that, yes (n/m) (General Chat) - Old Man, Nov 27, 17:17:17
- Not even a smug feeling of self-righteousness? (n/m) (General Chat) - Ken Dodds Dads Dog, Nov 27, 17:16:17
- Oh, and obviously you can't get anything (or very much) back in return from the charidee (n/m) (General Chat) - Old Man, Nov 27, 17:09:13
- HMRC says.... (General Chat) - Pixelman, Nov 27, 17:08:27
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