Are you utilising Gift Aid income?

Posted on 16/04/2018 in

Are you utilising Gift Aid income?

It is not often that HMRC wants to give away money but its recent press release emphasises that clubs should be reviewing their income streams to make sure they do not lose out on money they can rightly claim.

Gift Aid allows charities to claim an extra 25p for every £1 donated.

The core objectives of most clubs allows BDO to undertake a full review of accounts and give their findings which will allow the clubs to make claims in confidence.

With some quick and simple administrative changes to application/membership forms, all future payments from new members could be considered for Gift Aid. In addition clubs that have charitable status can review past claims, in some instances for four years, to ensure sufficient claims have been made.

BDO can offer this support for the special member club rate of only £300 plus vat. This is an extremely small investment for potentially significant returns. This income stream is regular and unrestricted, ideal for investing in new equipment, more coaches, training and so on.

Since the Gift Aid partnership between Scottish Gymnastics and BDO started in the summer of 2017, clubs have received tens of thousands in refunds which would otherwise have gone unclaimed.

If you’re a charity, don’t miss out on this opportunity which you are entitled to!

 

WHO CAN CLAIM if you are a charity (SCIO or Charitable Status) you can make a claim, you can potentially make a historical claim as well. If you are thinking about becoming a charity we would recommend attending the workshop in May for more information.

 

NEXT STEPS to request further details on how a Gift Aid review can benefit your club contact:

Mike Hepburn (BDO Accountants)

0131 347 0355

michael.Hepburn@bdo.co.uk

 

FUTURE EVENTS we have a workshop in May open to all clubs to come along to hear about Gift Aid. You will also have the opportunity to ask the experts all your questions on the night.

Date: Tuesday 26 February 2019. (following the regional drop in clinic

Venue: House for an Art Lover, Glasgow, G41 5BW.

Time: 6pm to 8pm

Cost: FREE

Book your space: by email: development@scottishgymnastics.org or by text: 07500 049 602

 

 

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