Freddie Romero’s Post

🙋🏻♂️ Charitable donations can offer significant tax relief for individuals and businesses. Understanding these benefits can encourage more people to support charitable causes while also gaining financial advantages. 🎁 How Does Gift Aid Work? 👉 Gift Aid is a scheme allowing charities to reclaim tax on a donation made by a UK taxpayer, effectively increasing the amount of the donation by 25%. 👉 To make a Gift Aid donation, you must have paid UK Income Tax and/or Capital Gains Tax at least equal to the tax that all the charities and community amateur sports clubs claim on your donations in that tax year. 🧩 For example, if you donate £100, the charity can claim an extra £25, making your donation £125. #taxrelief #charitabledonations #uktaxpayers #giftaid

Are Canadian Nonprofits & Charities Allowed to Distribute Profits to Their Members ❓ When Canadian charities wind up operations, they must navigate complex rules about distributing assets to avoid losing their tax-exempt status. The Canada Revenue Agency (CRA) emphasizes that charities cannot distribute income to members, with few exceptions, particularly for organizations promoting amateur athletics. However, charities can distribute capital gains without risking their tax status, as these do not count as "income." Careful planning is essential, as missteps can lead to severe consequences, including deemed disposition of assets and loss of tax-exempt status. Consulting legal and tax professionals is crucial for compliance and maintaining effective community service. ✔Visit our website to learn more: CharityLawGroup.ca #onca #canadiannonprofits #distributeprofits #canada #ontario #bigcharitylawgroup

Charity Risk Focus 📰 Welcome to our second edition of Charity Risk Focus — your regular update from Gallagher’s Charities team. In this edition, we discuss the ongoing challenges of #asbestos, the hidden dangers posed by #underinsurance in sports centres, and the importance of tailored coverage for leisure and cultural trusts. Plus, we explain how our Desktop Valuation Service takes the hard work out of calculating your property rebuild costs. Read and download below ⬇️ #insuranceuk Gallagher UK #charityrisk

Charity Risk Focus 📰 Welcome to our second edition of Charity Risk Focus — your regular update from Gallagher’s Charities team. In this edition, we discuss the ongoing challenges of #asbestos, the hidden dangers posed by #underinsurance in sports centres, and the importance of tailored coverage for leisure and cultural trusts. Plus, we explain how our Desktop Valuation Service takes the hard work out of calculating your property rebuild costs. Read and download below ⬇️ #insuranceuk Gallagher UK #charityrisk

Charity Risk Focus 📰 Welcome to our second edition of Charity Risk Focus — your regular update from Gallagher’s Charities team. In this edition, we discuss the ongoing challenges of #asbestos, the hidden dangers posed by #underinsurance in sports centres, and the importance of tailored coverage for leisure and cultural trusts. Plus, we explain how our Desktop Valuation Service takes the hard work out of calculating your property rebuild costs. Read and download below ⬇️ #insuranceuk Gallagher UK #charityrisk

𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝗼𝗳 𝗹𝗲𝗮𝘃𝗶𝗻𝗴 𝗹𝗲𝗴𝗮𝗰𝗶𝗲𝘀 𝘁𝗼 𝗰𝗵𝗮𝗿𝗶𝘁𝗶𝗲𝘀 Around £3 billion a year is received by charities through people leaving legacies in Wills. Leaving monies to charities is a great way to give back and support many institutions doing extraordinary things for people, animals and worthy causes. If legacies were not left by generous people in their Wills, many charities simply could not function and provide the valuable services they do. Notwithstanding this but there can be huge tax incentives to leave charities a legacy. If more than 10% of your estate is gifted to charity and your estate is subject to inheritance tax, then the tax rate applied is reduced from 40% to 36%. Finally, it is worth noting that if you die without a Will and there are no relatives, your estate with pass to the Crown. It is therefore imperative to make a Will and if you do not know who to leave your estate to, then name a charity so that you have peace of mind your estate will be put to good causes. #Charities #Legacies #Wills #WellandValleyLegal

Charity Risk Focus 📰 Welcome to our second edition of Charity Risk Focus — your regular update from Gallagher’s Charities team. In this edition, we discuss the ongoing challenges of #asbestos, the hidden dangers posed by #underinsurance in sports centres, and the importance of tailored coverage for leisure and cultural trusts. Plus, we explain how our Desktop Valuation Service takes the hard work out of calculating your property rebuild costs. #insuranceuk #charityrisk

Made a charitable contribution in New Zealand? 🤝 You can deduct these on your U.S. tax return if donated to a qualifying U.S.-based organization. Unfortunately, contributions to foreign charities typically don’t qualify for a tax deduction. Get the facts: https://lnkd.in/gxPP9N2 #Charity #TaxDeduction #ExpatLife #GivingBack #TaxAdvice

#DidYouKnow that the Government of Canada announced an extension for charitable donations made in the 2024 tax year? You now have until 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟴, 𝟮𝟬𝟮𝟱 to make contributions for your 2024 tax return! Learn more about the extension and how to support our SMGH Foundation below!

Did you know you can get a tax deduction when you donate to registered charities like World Vision? Use our tax calculator and find out how much you can save this taxtime. Try our calculator here: https://lnkd.in/gMAHQ9yv #EOFY #taxtime2024 #endchildhunger #EnoughIsEnough #dogood