Charitable Donations

ChooseRentals · Sep 25, 2005

Hi,

Does anyone know if there are any restrictions on making chartiable donations or sponsoring charitable events as a ltd company? I understand that I could use my advertising budget to sponsor an event if I get something out of it, but what about if no advertising is provided, can this be classified as a legitimate expense and how would I account for it?

Thanks.

Jayne · Sep 25, 2005

Hi,

If you have proof of the money you gave to charity, you can put it against tax. Not sure of the amount, someone will be along shortly though to tell you

Jayne

ChooseRentals · Sep 25, 2005

Hi again Jayne,

I thought it must be ok, but didn't know how to justify it in my accounting or whether there were any limitations.

Jayne · Sep 25, 2005

When I've given to charity before, I just put paid to (xxxwho ever) and how much and that it was for charity, in my books. Accountant sorts the rest out.

Jayne

ChooseRentals · Sep 25, 2005

It's my accountant that is doing the event and I feel foolish to ask him the Q?

BMS · Sep 25, 2005

He would be the best person to ask and I'm sure if it his event he will expect you to claim a tax deduction.

ChooseRentals · Sep 25, 2005

BMS, you're right of course, I'll just have to bite the bullet. He better not charge me for the advice. :wink:

SuffolkDesigns · Sep 25, 2005

ChooseRentals said:
BMS, you're right of course, I'll just have to bite the bullet. He better not charge me for the advice. :wink:

Tell him that whatever he charges you for this piece of advise will be deducated from your donation

ChooseRentals · Sep 25, 2005

:lol: :lol: :lol:

I like it.

BMS · Sep 25, 2005

Just make sure that it is a charitable donation and not cheap advertising which wouldn't be tax deductable.

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