Parish Gift Aid, from 6th April 2017

 

All giving by parishioners towards the cost of running the Parish is very much appreciated.

If you are a tax payer you can increase your giving by 25% by completing a gift aid declaration together with joining our standing order or envelope scheme at NO cost to yourself.  This really is a method of giving which means so much to the Parish.  The scheme is explained in more detail in a document available on our website.

Our website has a gift aid declaration as a document that you can download, complete and send in to the parish office (we need the original signature, so cannot deal with the form electronically) marked for the attention of Michael Gage our gift aid administrator.

If you wish to give by bank standing order our website has a standing order form available as a document (please send it to Michael Gage as we need the original signature).  If you wish to give by our envelope scheme we will arrange for that when we receive your gift aid declaration.

Further details can be obtained from Michael Gage at giftaid@stmarysbath.org.uk or by writing or phoning the Parish Office.

Paying tax and giving under gift aid from 6th April 2017

The personal tax allowance has been increased for the coming tax year and as result of this some parishioners may find they are no longer paying enough Income or Capital Gains tax to Gift Aid their Offertory Giving.

From 6th April 2017 the standard personal allowance will increase to £11,500.00 per annum.

The first £1,000.00 of interest from banks, building societies etc.  will be tax exempt for basic rate tax payers, as will the first £5,000.00 of dividend income. It will therefore be possible for an individual to be in receipt of £17,500.00 of income without paying any income tax.

Can we please ask you to remind all parishioners who have signed Gift Aid Declarations to check that they are paying sufficient income tax to cover the amount reclaimed from H M Revenue & Customs on their giving.

The Diocese on behalf of the Parishes claims 25p on every £1.00 given under Gift Aid.

Therefore an individual giving £1.00 per week needs to be paying £13.00 per annum in income tax.

Donating £5.00 per week requires minimum tax paid of £65.00 per annum.

Donating £10.00 per week requires minimum tax paid of £130.00 per annum.

Whilst we encourage parishioners to give under Gift Aid we also need to ensure that they do not face an unexpected request from H M Revenue & Customs to repay the tax we have claimed on their donations.