If you an academy or free school, you are able to claim Gift Aid.
- First you must notify the HMRC that your school is a charity and be issued with a HMRC charities reference. If you haven’t done this, please go to https://www.gov.uk/charity-recognition-hmrc
- You make all gift aim claims online via https://www.gov.uk/claim-gift-aid-online
Gift aid is a tax relief which enables charities to reclaim from HMRC 25p on every £1 donated. Donations must be gifts of money made by an individual UK taxpayer to a charity that is not an outright gift or a payment for a good/service. The donations must be non-refundable and donors must not receive services or benefits outside the limits published by HMRC.
You must retain records of all your gift aid records for 6 years from the end of the accounting period to which they relate. The HMRC each year select a sample to audit. To claim gift aid, declarations must be made by the donor which must include the following;
- Academy Name
- Donation amount and date
- Donor’s name and home address
- Confirmation that the donor agrees to gift aid being claimed
- Confirmation the donor has paid the same amount/more Income Tax or Capital Gains Tax in that year.
Examples of gift aid declaration forms can be found on https://www.gov.uk/gift-aid-declarations-claiming-tax-back-on-donations