How Can Childcare Vouchers Reduce the Cost of Childcare for Working Parents?
What is the Government Childcare Voucher Scheme?
Childcare Vouchers are part of an UK government initiative to reduce the cost of childcare for parents. There is no cost to the parent of taking part in the government childcare voucher scheme, it is self-financing for employers to support employees through this benefit scheme and it is free for carers to register.
Did you know that in December 2007, the Times claimed that there is £8 billion in unclaimed beenfits. Childcare vouchers are a great way of working parents, employers and carers working together to reduce the cost of childcare by up to £1195.56.
Early Early Vouchers
The salary sacrifice voucher scheme works by your employer providing childcare vouchers from Early Years Vouchers Ltd that you can give to your child carer. The carer then redeems these with Early Years Vouchers Ltd. There is no extra cost involved for the carer. The employer deducts the value of the vouchers from your gross pay before tax is applied, hence the financial saving.
Childcare Vouchers operate as part of a Salary-Sacrifice Scheme
Childcare vouchers are easy to use and set-up, in the same way a pension is. A salary-sacrifice scheme allow working parents to save money by paying for childcare before Income Tax and National Insurance. Â
Financial Benefits of Childcare Vouchers for Parents
Government childcare voucher schemes have great financial benefits. For the 2008/9 tax year the tax free childcare voucher allowance is £55 per week (£243 per month). The savings on parents Income Tax and National Insurance are quite substantial; up to £903.96 per annum for a 20% tax payer and £1195.56 for a 40% tax payer.
What childcare can childcare vouchers be used for?
Childcare for children up to 16 years of age can qualify. Childcare vouchers can be used for a wide variety of child care, including:
A childcare voucher scheme is easy to set-up
A childcare voucher scheme is easy for parents or employers to set-up: help and advice is available along with downloadable forms for more information.Â
It's not too good to be true!
It's certainly looks to easy and to beneficial for it to be true, but it is certainly worth looking into as it could save you, your employees or customers over £1,000 per year.
MORE INFORMATION:
The is plenty of information on the Government childcare voucher scheme, with help and advice for employees, carers and companies so please contact us with any queries.
Childcare Vouchers are part of an UK government initiative to reduce the cost of childcare for parents. There is no cost to the parent of taking part in the government childcare voucher scheme, it is self-financing for employers to support employees through this benefit scheme and it is free for carers to register.
Did you know that in December 2007, the Times claimed that there is £8 billion in unclaimed beenfits. Childcare vouchers are a great way of working parents, employers and carers working together to reduce the cost of childcare by up to £1195.56.
Early Early Vouchers
The salary sacrifice voucher scheme works by your employer providing childcare vouchers from Early Years Vouchers Ltd that you can give to your child carer. The carer then redeems these with Early Years Vouchers Ltd. There is no extra cost involved for the carer. The employer deducts the value of the vouchers from your gross pay before tax is applied, hence the financial saving.
Childcare Vouchers operate as part of a Salary-Sacrifice Scheme
Childcare vouchers are easy to use and set-up, in the same way a pension is. A salary-sacrifice scheme allow working parents to save money by paying for childcare before Income Tax and National Insurance. Â
Financial Benefits of Childcare Vouchers for Parents
Government childcare voucher schemes have great financial benefits. For the 2008/9 tax year the tax free childcare voucher allowance is £55 per week (£243 per month). The savings on parents Income Tax and National Insurance are quite substantial; up to £903.96 per annum for a 20% tax payer and £1195.56 for a 40% tax payer.
What childcare can childcare vouchers be used for?
Childcare for children up to 16 years of age can qualify. Childcare vouchers can be used for a wide variety of child care, including:
- - After School Care
- - Play School
- - After School Clubs
- - Pre-School Clubs
- - Childminders
- - Au Pairs
- - and any other sort of registered childcare.
A childcare voucher scheme is easy to set-up
A childcare voucher scheme is easy for parents or employers to set-up: help and advice is available along with downloadable forms for more information.Â
It's not too good to be true!
It's certainly looks to easy and to beneficial for it to be true, but it is certainly worth looking into as it could save you, your employees or customers over £1,000 per year.
MORE INFORMATION:
The is plenty of information on the Government childcare voucher scheme, with help and advice for employees, carers and companies so please contact us with any queries.