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Last Chance for Childcare Vouchers

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Last Chance for Childcare Vouchers

Childcare Voucher Scheme...Urgent Information

HMRC has issued an update regarding the closure of the employer supported Childcare Voucher Scheme which will close to new applicants from 6th April 2018, and be replaced by Tax-Free Childcare, the new government-run scheme, HMRC has confirmed that all parents registering onto the current Childcare Voucher Scheme in time to receive their first voucher by 5th April 2018** will be able to continue on the scheme after this date*. *Subject to staying with the same employer and not taking an unpaid career break of longer than a year. **You must register for the existing Childcare Voucher scheme before your company’s MARCH 2018 PAYROLL CUT-OFF DATE AND RECEIVE YOUR FIRST VOUCHERS BY 5TH APRIL 2018.  Call us on 01280 851113 to find out your company's March pay-roll deadline date.

There’s Still Time to Register for Childcare Vouchers…

The two schemes are different, and which one is best for a parent will depend on their personal circumstances. Once registration for the Childcare Voucher Scheme closes however, parents will no longer have a choice. To meet the HMRC deadline, parents need to register as soon as possible to allow time for the completion of paperwork and payroll deductions.

Childcare Voucher Scheme – Key Points

  • Under the Scheme, which operates on a Salary Exchange basis, a parent can opt to exchange up to £243 of their salary for childcare vouchers each month – free of tax and NI. A basic rate tax payer can save up to £933 per year on the cost of childcare, while a higher rate tax payer can save up to £623.  These savings are per person and can be doubled for a working couple.
  • Vouchers can be used for children up to and including15 years old – 16 years if registered disabled.
  • Vouchers can be used to pay for day, weekly and termly boarders, holiday clubs, nurseries, nannies, child-minders, and breakfast and after-school clubs as well as tutoring. Childcare providers must be registered with, and regulated by the appropriate authorities.

  • Parents can choose to pay as little as £10 per month into the scheme.

  • Vouchers can be backdated to the beginning of the current tax year *(April 2017), and parents can select to use as little or as much of their allowance as they wish to. (Subject to certain criteria*)

Register now and beat the deadline....

Register for Childcare Vouchers NOW and you will have the option to stay in the scheme or switch to the new government-run TFC scheme any time in the future. If you don’t register before the deadline, you will forfeit your option to participate in the Childcare Voucher Scheme. Don’t miss out. Call us now on 01280 851113, or email us.

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