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Supporting Sikh Channel And Other Sikh Channels


genie
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For those who are employed, you can donate your Dasvand in a tax efficient manner through the little known, highly effective and whole heartedly charitable idea of SALARY SACRIFICE.

This involves instructing your employer to pay part of your salary directly to any UK registered charity of your choice, BEFORE it is taxed as income.

If your employer is doubly generous, it may even add 20% on top of your donation.

In this way, if you are a 40% taxpayer, if you donate £100 to the Sikh Channel every month through your payslip, it becomes £120 when it hits SC's bank account. (20% topup from employer).

But the sweetest part is still to come. Your donation of £100 has only cost you £60 from your pocket in real terms, because this is what you would have received if it was taxed as income (at 40%). If you are a 20% taxpayer, it would have cost you £80.

And that's before you consider your employer's donation of 20% on top.

This is especially relevant if u support the Sikh Channel because it is a UK registered charity, and is therefore eligible to be supported this way.

(This goes way further towards helping your chosen charity than it claiming gift aid on youq donation, which is not automatic, and instead requires both the donor and the recipient to fulfil conditions).

While I was employed, I used to donate all my income over the 40% income tax threshold to charity through Salary Sacrifice.

Therefore, I doubled the monetary value of my donation - £120 p.m. to various charities cost me only £60 p.m. out of my pocket.

Or in annual terms, £1440 worth of donations at a cost to me of only £720.

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Waheguru ji,

Jashb this is brilliant thank you for taking the time and explaining your idea so clearly, if you don't mind I am putting this on my Facebook page to send out to others.

Gurfateh jio

I don't mind at all my brother, and thank YOU. I hope this helps more people to increase their charity donations.

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