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i have been using and working exercises with this word gift aid but honestly i do not really know what it means . Tutor, can you please give me a brief explaination of the word.there are some donations made under gift aid and some are not. at times i am caught up as to knowing which is supposed to be exempt or not.
thanksGift aid just means an individual or company agree that the donation is made under gift aid so that they get tax relief. The charity then completes a form to confirm to the taxman the donation is made uder this scheme
Learn the rules of how tax relief is given in chapter 2 of OT notes for individuals and chapter 12 for companies
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