Have you considered Payroll Giving?
Next week marks the UK’s first ever Payroll Giving Week aims to raise awareness of the benefits or donating through this easy, tax-efficient method.
Payroll Giving Week has been developed from an idea of the Payroll Giving Forum – a collective group of charities who run successful Payroll Giving schemes. As a result of Covid-19 and the change to the fundraising landscape since the start of the pandemic, the Forum were keen to promote the strength of Payroll Giving, as well as thank existing donors and corporates who support their causes in this way.
Despite not being particularly well promoted across the charity sector, Payroll Giving runs successfully in the UK and across the world. It’s a simple way of donating to charity directly from people’s wages with the donations taken from their salaries before tax.
This means that a £5 monthly donation from an employee on the lower rate of tax would actually only cost them £4 from their take home pay, or just £3 for someone in the higher tax bracket. And, as it comes directly from wages, there is no need to apply for Gift Aid. The donations will automatically receive the full tax relief instead of the usual 25% associated with Gift Aid.
This means it is particularly beneficial for donations from higher rate taxpayers as their donations increase in value by 88%. This means that for a £100 donor donation, the charity recipient receives £188.
Rockinghorse relies on the generous support of individuals and companies throughout Sussex and setting up a payroll giving scheme in your business means that your employees can make the most of their donations.
How to sign up
If your place of work is interested in setting up a payroll giving scheme all they need to do is sign-up to an approved Payroll Giving Agency who can help you get started. They will then be able to provide members of staff with a charity form which they can complete to set up their donations.
To find out more about how to set up regular donations to Rockinghorse, click here.Back to news