SWEP would like to thank everyone who has made, or intends to make, a donation.
Your generosity contributes greatly to the money required to keep SWEP operating.
Donations, no matter how large or small, can be made in a number of ways:
- By using our “Donate to SWEP” option on our main page
- Cheque (payable to South West Equine Protection)
- Postal Order
- Standing Order (through a Bank)
- Deed of Covenant (Legal document between a donor and a specific charity)
- Payroll Giving (An employer would need to signed up with a ‘Payroll Giving agency’ to use this option)
- Self-Assessment Donation (SA Donate)
Please send donations to Unit B5, Yelverton Business Park, Crapstone, Devon, PL20 7PE. If you require more information please telephone 01822 854823 or email firstname.lastname@example.org
What ever method above is used to make a donation it would benefit SWEP if the donation was declared as ‘Gift Aid’.
NOTE. The following explanations give a brief introduction to what some of these terms mean. For full details, or if you have any questions it is recommended that you contact your Tax Office. Further details are also available on Her Majesty’s Revenue and Customs website.
( www.hmrc.gov.uk OR www.hmrc.gov.uk/charities/index.htm )
Gift Aid Explained
Gift Aid is a scheme by which a UK Tax Payer can give a donation, regular or a one-off sum of money, to charity and the charity can reclaim from the Inland Revenue the Basic Rate of Tax (currently 22%) at no extra cost to the donor. That increases the value of the gift a donor gives to charity. For example if you make a donation of £20 to SWEP we can turn it into £25.64. Looking at it another way, it only costs you £20 to give SWEP £25.64.
If you pay the Higher Rate of Tax you can claim Higher Rate relief on the payments by entering your donations in the ‘Gift Aid’ box on your Annual Self Assessment Tax Return. If you receive a form P810 you can declare your ‘Gift Aid’ payments on it.
All we need is a single GIFT AID DECLARATION from each donor who pays tax. That single declaration form will cover any number of donations, of any size, at any time in the future – we just need to have your ‘Gift Aid’ form on file when we receive a gift / donation / *membership fees from you, and we can immediately claim back the tax.
*Membership Fees are considered to be a donation. SWEP will benefit from a ‘Gift Aid’ declaration when you pay for a new Membership, or renew your existing Membership.
Note. Individual donors must pay enough UK Income Tax and / or Capital Gains Tax themselves to cover the amount of tax the charity will reclaim.
Deed of Covenant Explained
A ‘Deed of Covenant’ is a legal document by which a donor, an individual or company, promises to pay a fixed sum of money to a specific charity each year for 4 years. However, it can by agreement be allowed to lapse or be changed. It is therefore possible to cancel the deed, reduce or increase the amount donated and, in the event of death the deed would automatically lapse.
Your only requirement is that you have paid tax at the basic rate on your own income. If this is the case, the amount donated is regarded by the Inland Revenue as being made from income which has already suffered tax, and because SWEP is a registered charity, it is able to reclaim the tax paid using the ‘Gift Aid’ scheme.
The donations made under a ‘Deed of Covenant’ can be made in whatever way suits you best, whether it be weekly, monthly, quarterly or annually, we don’t mind. They can be made by direct payment (cash / cheque etc.) or through your bank, just as long as SWEP can prove to the tax office that it received your payment.
The great benefit to SWEP of people giving in this way, is that there is a regular, known amount coming in and so it enables us to budget more effectively and to plan ahead a little better.
Payroll Giving Explained
You may be able to make a regular donation straight from your pre-tax salary if your employer / company runs a Payroll Giving scheme. Your donation is taken from your Gross salary after National Insurance has been taken but before Income Tax is taken. For example, if you are a basic-rate taxpayer it will cost you £7.80 to make a £10 donation or if you are a a higher-rate taxpayer it will cost you £6. All you have to do is tell your employer that you want to support SWEP and the amount you want to give each month.
If your employer / firm doesn’t operate a scheme at present they might consider setting one up by signing up to a payroll giving agency, such as the Charities Aid Foundation’s Give As You Earn scheme. (We are not lost for cheek here at SWEP!)
Self Assessment Donate Explained
Individuals who complete a Self-Assessment Tax Return can donate any Tax repayment arising directly to charity through ‘SA Donate’. The donation can also be made under ‘Gift Aid’ as long as sufficient tax has been paid for the year in which the donation is made.
There are also alternative ways of donating to charity:
•Land, Buildings, Shares or Securities
Gifts of Land, Buildings, Shares or Securities Explained
Tax relief is available to encourage gifts of land, buildings and certain shares and securities to charities. Individuals can claim a deduction for the gift against their income for income tax purposes. This is in addition, to the exemption from capital gains tax, which is available for gifts of investments to charities. If you gave stocks and shares to SWEP as a donation you can claim up to 40 per cent income-tax relief. (See IR Help Sheet IR178.)
When you give shares you can claim full tax relief on an amount equal to the market value of the shares on the day the donation is made and on the costs involved in making the donation, such as stockbroker’s or solicitor’s fees.
For example, someone earning a taxable salary of £20,000 could donate £2,000 worth of shares to charity, declare the donation on their self-assessment tax return and pay tax on only £18,000 of their wages. Share giving is an easy way to support SWEP and reduce your tax bill at the same time!
Donations to SWEP can also be made through a will. Donors can pledge a specific sum or say what proportion of their estate they want to give.
Any estate worth more than £263,000 is liable for inheritance tax at 40 per cent. Charitable bequests are paid before this tax is deducted, reducing the total value of the estate and thus cutting the amount of inheritance tax payable.