Can a company give a donation to a CIC (community interest company) and reclaim on the tax

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Mrsh1969
Mrsh1969 Registered Posts: 2 New contributor 🐸
Hi I work for a CIC and we are currently asking for funds as our main contract with the local authority ends in March. Can I say to potential companies, if they give us a donation they can reclaim the tax?

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  • davealucas
    davealucas Registered Posts: 140 Dedicated contributor 🦉
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    No. You are probably thinking about gift aid which higher rate taxpayers can recover, but this only applies to Income Tax, not Corporation Tax
  • Mrsh1969
    Mrsh1969 Registered Posts: 2 New contributor 🐸
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    no, not gift aid. Do they receive any tax relief from deducting the value of the donation from total profits before paying tax ?
  • AndrewLeyland
    AndrewLeyland Registered Posts: 39 Regular contributor ⭐
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    I didn't respond last time because the other reply. Here the info on it.

    https://www.gov.uk/tax-limited-company-gives-to-charity/donating-money#:~:text=How to claim-,Donating money,profits before you pay tax.

    but i be careful because it could be classed as you giving financial advise saying they can deduct it from profits. I would advise them to look at the tax rules them self or refer to there own accountant for there own circumstance since.

    I run a CASC that has a income of 80k a year
    RegardsCiaran Andrew Leyland
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