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Tax Efficient Giving
If you pay income tax in the Republic of Ireland, either as a PAYE or self-assessed tax payer, it may be possible to increase the value of your gift to Bloomfield.
How it works
The Government-approved tax back scheme enables charitable organisations like Bloomfield to claim 45% in tax back on donations, at no cost to our supporters whatsoever. For example, we can reclaim almost €450 (€449.27 to be exact) on a gift of €1,000 made in any given tax year. All you need to do is sign and return a tax-back form so we can reclaim the tax. This costs you absolutely nothing, will only take a minute of your time and will in no way effect your tax status.
In order for us to claim tax back on gifts, there are certain criteria. For example, donors must have:
- Paid enough tax in that tax year to cover the tax amount reclaimed by Bloomfield. For example, if a donor’s income tax liability for 2017 is €350 (which s/he has paid), and the donor donates €1,000 to Bloomfield in that tax year, the amount we can reclaim is limited to the €350 (not €449.27).
- Donated €250 or more to Bloomfield in one calendar (tax) year. This applies regardless whether the donor gave as a one-off donation or through instalments (e.g. monthly payments by direct debit).
So a when a donor gives €250 or more in one year, their gift is worth at least an additional €112.31. As you can imagine, this tax-back scheme could unlock a significant sum if every donor were to help us avail of it. But we need donors to sign and return their tax back forms.
In addition to this, one signed form is valid for five years of donations so donors don’t have to complete a form every year – less paperwork and much less hassle!
In order to claim back the tax, there is a short form that you can complete. All we need is your signature, and your donation can be multiplied at no extra cost to you.
Please return your completed form to Bloomfield Health Services, Stocking Lane, Rathfarnham, Dublin 16, D16 C6T4, Ireland.
In the case of corporate donations made to Bloomfield Health Services, the company claims a deduction for the donation as if it were a trading expense or an expense of management; there is no grossing up arrangement in this case.
For example, if ABC Ltd donates €1,000 to Bloomfield (assuming a corporation tax rate of 12.5%), relief to the company is €125, i.e. €1,000 @ 12.5%.
While Bloomfield receives the full value of €1,000, the cost to ABC Ltd of making the donation is only €875 (€1,000 – €125).
The company will simply claim a deduction for the donation as if it were a trading expense or an expense of management.
If you have any further questions, please feel free to contact Brendan Phelan on 01 495 0021, or email at email@example.com