tax free childcare

Could Tax Free childcare save your summer?

At Timewise, we want to help our clients in any way we can. We know you all lead busy and full lives, so sometimes, we stumble upon a tax free benefit that isn’t being shouted about. And of course, we need to sort that out right away!

So – working parents, are you making the most of it?

What is tax free childcare?

If you had a child in nursery or preschool, you might already be aware of funding available through childcare vouchers. Now, lots of parents stop using this benefit when their child reaches school age. However, you can still use your account until your child(ren) reach age 11 or 17 if the child has a disability.

How does it work?

For every £8 that you deposit into your HMRC tax free childcare account, families will receive an additional £2 in government top-up. You can use this money to help pay for accredited holiday clubs, childminders or sports activities over the summer, providing they are able to accept childcare vouchers.

If you’ve never had an account or you haven’t accessed it for some time, you will need to set up another set of Government Gateway credentials. This is something you can do at anytime and you can start to use the benefits immediately.

Are you eligible for tax free childcare support?

It would be a shame to miss out, especially as the summer holidays are on the horizon. If you’re not sure whether your family is eligible, or you want to understand which childcare provisions meet the necessary criteria in your area, follow this link for more information.

Employers!

This opportunity to access financial assistance over the summer will really benefit your people, as well as benefiting your business. Consider this – when you remind your employees or contractors that there is a tax free provision to assist with childcare costs this summer, you improve their chances of being able to remain in work and reduce the use of annual leave. It’s a no brainer!

If you would like more tips and tricks on how to help your staff, improve profitability or just manage your day to day finances better, why not look to us for some additional support? Get in touch via the online contact form or call us direct on 0161 211 9837

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