April is fast approaching and there are a couple of things for charities to consider relating to Gift Aid.

Firstly, there is the reduction in income tax and thus, the reduction in the rate of Gift Aid from 28p in the £ to 25p in the £. There appear to be some misconceptions about this though. You are able to claim the full 28p in the £ for any gifts you receive up to and including the 5th April 2008 that are covered by a valid Gift Aid declaration regardless of whether you put this claim in before or after the 6th April 2008. The reduced 25p in the £ rate only applies to gifts received on or after the 6th April 2008. You will not loose out on Gift Aid for gifts prior to this date by delaying submitting a claim.

Secondly, and not to be forgotten, is that as we are coming to the end of the tax year; the not so new Gift Aid scheme is approaching 8 years old. If you have gifts still to claim for that were donated during the 2001-2002 tax year then you need to claim for these on or before 5th April 2008 or you will loose any Gift Aid applicable on these gifts. Of course this cut off date will vary depending on whether you are a Trust or a Company and when your financial year runs from and to.