Improve your cash flow with these 3 easy steps
The Gift Aid scheme is well known in the charity sector and provides a welcome 25% boost to donation income. There is no limit to how often you can file your claim with HMRC so, if you have processes in place to be able to claim regularly, you can easily boost your income throughout the year in line with your donations.
1. Update your donor details
The key is to keep your records of donors and taxpayer declarations up-to-date. If these simple record keeping tasks are performed on an ongoing basis your Gift Aid claim, processed through Liberty Accounts, will do all the hard work of assessing which donors’ donations can be claimed against.
2. Keep your donations current
Keeping your donations up-to-date will allow you to file your Gift Aid claim including the very latest donations. In addition to Gift Aided donations use the ledger to enter your small cash collections to receive a Gift Aid top up with GASDS (Gift Aid Small Donations Scheme) or Community Buildings GASDS.
3. Claim regularly
Liberty Accounts makes it really easy to claim Gift Aid regularly and, having followed steps 1 and 2, submitting your claim monthly, or even more regularly, will be effortless. You can additionally use the ledger to set up your sponsored events and record sponsored income donations for each participant – your Gift Aid claim will be miles easier than a 100 mile bike ride!
Note that some changes to the operation of Gift Aid are coming in April 2017 as a result of the passing of the Small Charitable Donations and Childcare Payments Bill 2016-17. We are working to accommodate these changes in Liberty Accounts and will keep you posted when the changes are released.