Last minute opportunity to reduce your 16-17 tax bill by being a benevolent higher rate taxpayer
Updated: Mar 27, 2020
Tax return for 16-17 deadline is just around the corner…
We are sure that most of you are listening to the ducks quacking about it on some radio channels.
But here is a point to consider if you haven’t submitted your return and you would like to reduce your tax bill due on 31 January.
Did you know that if you are a higher rate taxpayer and if you haven’t submitted your 16-17 self-assessment tax return (or you are willing to amend it) then you can carry back gift aid payments made in the current 17-18 tax year and you will receive 40% tax relief on your gift aid donations.
We would like to point out that annual membership to National Trust, Zoo (and similar organisations associated with gift aid) can also be offset against your tax bill and you will get an extra tax relief as a higher rate taxpayer.
So if you are considering to renew any of the above-mentioned memberships then it is a good time to do it now and to include them on your 16-17 tax return.