The HMRC Charities Variation Form (ChV1)
In order for The Good Exchange to claim Gift Aid on donations to your project you will need to inform HMRC that you authorise The Good Exchange to act as an agent to claim Gift Aid on behalf of your organisation.
To do this you need to complete a Charities Variation Form ChV1 from HMRC. This form can be accessed during your registration of your organisation on The Good Exchange. If you need further information please refer to HMRC guidance on how to complete this form here.
To complete the form, you will need a Charities Reference Number. If you do not already have one of these, you can request one from HMRC here: https://www.gov.uk/charity-recognition-hmrc
All completed forms must be returned to The Good Exchange and not to HMRC. The Good Exchange will add further information and forward the form to HMRC. Please note, the Gift Aid option cannot be added to your projects on The Good Exchange until confirmation has been received back from HMRC - this process can take up to 6 weeks.
Gift Aid Eligible Projects
Some projects may not be eligible to receive Gift Aid even if the organisation is eligible and has the option added. Please see HMRC rules on Gift Aid eligibility here: https://www.gov.uk/guidance/gift-aid-what-donations-charities-and-cascs-can-claim-on
Once your organisation and project are approved for Gift Aid, individual donors who are UK tax payers will be able to select if they wish to add Gift Aid to their donations. Gift Aid is claimed from HMRC at the end of each month and are paid to the applicant once the funds are received from HMRC.