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Tax Free Childcare – How Can You Save
Parents can now easily save thousands of pounds as Tax Free Childcare rolls out across the UK. By applying parents can cut their childcare costs by up to £2,000 per child per year or £4,000 for disabled children. Any parent whose youngest child is under 9 is now able to take advantage of the service and the scheme will expand to include children under 12.
Are You Eligible For Tax Free Childcare?
To be eligible for tax free childcare all parents need to be in work, or self-employed, and earning more than £120 per week but no more than £100,000 per year.
The money can go towards any regulated childcare which includes nurseries, childminders, after school clubs, and holiday clubs.
More than 325,000 parents have successfully applied through the childcare service, which allows parents to apply for both Tax-Free Childcare and 30 hours free childcare, and of those, 170,000 have a Tax-Free Childcare account.
Thirty hours free childcare is available to working parents of 3 and 4 year olds in England. Almost all parents receive a response within 5 working days and most get their decision instantly. Nicole Ryer, a mum of twins from Greater London, said the scheme had helped her with childcare costs.
“I was concerned about the cost of childcare, because I don’t get any other support, and I’m a single mum with 15-month- old twins,” she said. “Tax-Free Childcare has taken a big burden off my shoulders. It’s massively helped me: the extra money makes a huge difference, and I find the system really easy to use. It allows me to comfortably work full time, knowing that my children are being
well looked after.”
Saving money
Chrystle Conreaux, a mum of one from Greater London, added: “As soon as I heard of Tax-Free Childcare I knew it was the scheme for me. Tax-Free Childcare has saved us a lot of money – and it makes it much easier to pay our nursery. The account is very easy to use, I really like seeing the top-up being added straightaway, so I can easily see how much I’ve got to spend.”
Liz Truss, Chief Secretary to the Treasury, said: “This will cut thousands of pounds from childcare bills for millions of families, making it easier for more parents to work if they want to. This is part of our commitment to support families, including helping them to earn more and keep more of what they earn by increasing the National Living Wage and cutting Income Tax for millions of people.” It’s easy for parents to find out what help is available on the Childcare Choices website www.childcarechoices.gov.uk. This website includes a Childcare Calculator that compares all the childcare offered by government so families can easily see what works best for them.
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