What is Payroll Giving?
Payroll Giving is an easy, tax effective way in which you can make a regular donation to help us provide vital services to older people in need. It enables you to give to Age UK Torbay straight from your gross salary or pension (before tax is deducted), giving immediate tax relief on those donations.
For every £1 that you earn, 20p is paid in tax (if you pay the basic tax rate). If you pledge £10 a month, we receive the full amount with only £8.00 actually being deducted from your net pay. If you pay income tax at the higher rate of 40%, only £6.00 would be deducted from your net pay. Charities are unable to claim back higher rate tax through the Gift Aid scheme and so receiving money from people in this way means we get more.
What to do next:
To become a donor, simply tell your payroll department the amount you would like to give from your salary and they will do the rest. If your employer doesn't have a payroll giving scheme set up and they are a small to medium sized company (less than 500 employees), they may be able to seek financial assistance to help them.
They can also register simply and quickly with a payroll giving agency who can process employee donations. There is no long-term commitment. Should your circumstances change and you no longer wish to donate to us, simply tell your employer. Also, if you should change your job, your donations will not be able to be transferred to your new employer. You will need to start a new payroll giving scheme.
If you will like more information about payroll giving or have any questions, please call us on 01803 555181 or email email@example.com.