Thought Id start this one going because its rather dead on this board at the moment and I suppose all my usual muckers are either at the Stella tennis event watching Dim Tim (lose again) or at Henly Regatta eating cucumber sandwiches (they wish,...NOT).

Anyway please feel free to just talk to yourself blast away and let it go on any company or subject you wish. Just wish Id thought of this one before.

cheers GF.

cynic you are incorrect you seem to have forgotten in my original post I stated the wealthy donor (inferred rate 45%) does not pay tax, so no tax had been paid by the donor on the gift to the charity, but he is still able to reclaim 25% of that gift, so the exchequer has not only forgone the taxed income (gone to charity) but has had to pay the donor the difference between higher and basic rate income tax, and this difference has been paid by the taxpayer.
ps I bet Fred thinks it's christmas.
2517

That is a strange story as HMRC state quite clearly that tax can only be reclaimed against tax previously paid.

This from the HMRC website

The Gift Aid scheme is for gifts of money by individuals who pay UK tax. Gift Aid donations are regarded as having basic rate tax deducted by the donor. Charities or CASCs take your donation - which is money you've already paid tax on - and reclaim the basic rate tax from HM Revenue & Customs (HMRC) on its 'gross' equivalent - the amount before basic rate tax was deducted.

H so if a wealthy donor pays no tax or very little tax he is unable to reclaim tax over and above what he has actually paid in tax.
2517

Goldfinger

For F##k sake sort this tax dispute out between george and cynic

The HMRC web site makes it quite clear

Making sure you’ve paid enough tax to use Gift Aid

You can use Gift Aid if the amount of Income Tax and/or Capital Gains Tax you’ve paid for the tax year in which you make your donation is at least equal to the amount of basic rate tax the charity or CASC and any other charities or CASCs you donate to will reclaim on your gift. A tax year runs from 6 April one year to 5 April the next. If you make a number of Gift Aid donations, you will need to consider the tax you’ve paid on each donation on an accumulative basis. If you don’t pay enough tax you will need to pay any shortfall in tax to HMRC.

How to check if you’ve paid enough tax

To work out if you’ve paid enough tax to cover your donations, divide the donation value by four. For example, if you give £100 in a particular tax year you will need to have paid £25 tax over that period. (£100/4 = £25). (Note that this calculation is based on the basic rate tax of 20 per cent)

george - i am not an accountant and seemingly you are not either ..... suggest an accountant answers the question

btw, don't forget that £100 nett to a higher tax payer = near enough £185 gross (ie before tax)

Paul Sykes: 'I want to set Britain free from the EU'

Paul Sykes is on a crusade to get a referendum on Britain’s membership and to restore our borders – and he’s putting his millions where his mouth is, he tells Philip Johnston


Paul Sykes at his Yorkshire home in the shadow of Fountains Abbey; he is financing the Ukip advert below. 'I am not in party politics,’ he says. 'I am in freedom fighting’



By Philip Johnston

10:02PM GMT 17 Nov 2013


http://www.telegraph.co.uk/news/politics/ukip/10455937/Paul-Sykes-I-want-to-set-Britain-free-from-the-EU.html


Paul Sykes is David Cameron’s worst nightmare: a Ukip supporter with a pile of cash, and ready to spend it. By his own reckoning, this 70-year-old Yorkshire businessman has donated around £6 million to campaigns designed to keep Britain from the clutches of Europe.


Now, after a lengthy period avoiding the political limelight, he is again about to dig deep into his own pocket to finance one more effort to sever the UK’s 40-year tie-up with the Continent. In the past, this straight-talking self-made millionaire has helped fund Euro-sceptic Tory MPs – and was, for 27 years, even a party member. But the beneficiaries of his largesse this time will be Ukip – and his aim is to help Nigel Farage’s party top the poll in next year’s European elections. If that happens, Sykes hopes that all the major parties will then commit to a referendum on the UK’s future in Europe.


“There is only one political party at present that says it wants to be out of the EU, and there is only one political party that would deliver it – and that is Ukip,” he said. “It is the only game in town. I am certainly not wasting my time, energy and money on any of the others.”


We are speaking in the drawing room of his beautiful Gothic-style home in the shadow of Fountains Abbey, near Ripon, set in a few hundred acres of prime North Yorkshire countryside. Sykes’s story is a classic of its kind: the son of a miner, he left school with no qualifications to become a tyre-fitter. He started dealing in car parts before branching out to sell second-hand buses and lorries to the Far East. In the early 1960s, when the Beatles were taking home £1,000 a week, he was earning three times as much and driving a Rolls-Royce.


He later invested in shopping centres, including the Meadowhall, near Sheffield, which sold for more than £1 billion, netting Sykes £280 million. In 2000, he created the Planet Online internet provider and, foreseeing the 2008 financial crisis, got out of commercial property before the crash. By 2010, he was ranked the 26th wealthiest person in Britain, worth about £650 million. Famously, he has said he will not leave his children any money, beyond helping them buy a house, so that they learn how to make their own way in life.

he seems to contradict himself, or the report helps him to do so

at the beginning is the statement "Paul Sykes is on a crusade to get a referendum on Britain’s membership" with which i would have no argument at all, but elsewhere, he seems to say he doesn't want a referendum at all, but for uk to pull out from eu, end of (with which i do not agree)

His support of UKIP won't get him a referendum.

Interestingly, he was expelled from the Conservative party in 2001.

Well if he is really prepared to put his hand in his pocket, it's very good news for ukip.

cynic re post 962, no I am not but have always believed that what I have been posting re charities to be correct, if I am proven to be wrong in what I have said then of course I will apologise. Haystack has kindly tried to clarify.
For aldwickk's and I guess several others here I will not post re charity donations again---------------today at least.
2517

Thank God for that, thought I'd get in first.
2517

no need to apologise old sport ..... like i said, i'm certainly no accountant, but i cannot believe HMRC EVER shells out more than it receives and indeed, i am currently having to fight very hard indeed to recover a slab of VAT which under HMRC's own rules says it owes me

Ukip is 'unpatriotic and betraying Britain', Nick Clegg says

Nick Clegg says Nigel Farage's drive to take Britain out of Europe is 'a betrayal of the national interest'.





By James Kirkup, Political Editor

2:38PM GMT 18 Nov 2013



The UK Independence Party is “unpatriotic” and guilty of a “betrayal of the national interest” for wanting to leave the European Union, Nick Clegg has said.


The Liberal Democrat Deputy Prime Minister also accused “large parts” of the Conservative Party of an “unpatriotic approach” to the European debate.


Mr Clegg was speaking after Ukip unveiled Paul Sykes, one of Britain’s richest men, as a financial backer ahead of next year’s European Parliament elections.


Ukip is hoping to finish first in those elections, which would give a significant boost to its drive to take Britain out of the EU. Some Conservative MPs also want to leave the EU, though David Cameron is keen to stay in having renegotiated Britain’s membership.


The Deputy Prime, a supporter of continued EU membership, said he was “relishing” the chance to debate Ukip and Tory sceptics.


More lies and scare tactics here: http://www.telegraph.co.uk/news/politics/ukip/10457450/Ukip-is-unpatriotic-and-betraying-Britain-Nick-Clegg-says.html

I don,'t mind income tax inspectors, but VAT people are a pain. I was told that I owed a large amount of VAT once. I had been arguing about it for about 6 months. I came to the office early with suitcases as I was going to France on holiday later in the day. I had to go out just after arriving to go to a meeting. When I came back there was a VAT inspector in my office. My staff had let him wait there. He became very difficult when he saw the suitcases. I think he thought I was doing a runner. We had a few 'words' and he eventually left.

Another time I had a VAT inspectors going over my books in the office for three days. He didn't find anything wrong though. The next day my accountant rang me to ask what I had said to the inspector as he had been almost crying down the phone yo my accountant after he left me. I suppose I said a few thing to upset him including asking him how he manages to admit to his children that he is a miserable VAT inspector. There were much worse thing I said as well.

Alders just back from xmas shopping. Charity donations are a pain in the butt. Probably why theirs such a heated debate here.

A bit like working mens clubs accounts which change or seem to change ever day.

To find the answer you need to look up present legislation usually found on not HMRC site but on treasury links controlled by civil servants.

HMRC site remember is always out of date so be carefull.

2517GEORGE

I am more than happy for tax payers money to go to "said good causes" as taxes are produce from the profits on the products that the taxpayers as a whole produce.

I doubt that many are entirely self sufficient in all aspect of their survival.

However, when considering Cynic being "obtuse" as he admits, one has to remember that he only has the remnants of his brain in working order.

(But he is big in other areas of his body.)

Consider him as the Alf Garnett of Moneyam.



=======

Hays,

I thought Dennis was trying to get into the con party's fold.


A bit like a Partridge in a Pear tree.

Manuel.

I would be happy to chip in to help buy you a slab.

When do you think you will be able to use it?

=======

Hays,

You appear to have developed your arrogance at an early age.

MaxK
With ref 32917.
Lots of fudge. The Eye rotates parallel to the river'
not at rt angle and where did the two piers come from.

Bi Gods, first time Ive been into Huddersfield town centre for about 9 months.

Some poor looking people about.

Pubs all empty which used to be full of dossers. Are they working? are they heck , probably on park benches now all sharing a vodka bottle.

Just goes to show what Camorons policys have done to northern towns.

Full of charity shops Pound shops loan shark shops and cafes.

A disgrace and barely recognisable to what was a very nice town centre.