Help with Childcare Costs
Giving your child the advantages of a quality childcare place isn’t only an emotional decision; it’s a very big financial one too. But don’t despair, help is out there if you know where to look.
Your first call should be to Rascals and in particular our finance department. There is a wealth of knowledge in dealing with childcare vouchers, Tax credits and general childcare finances. Call us today on 028 9076 9813.
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Childcare Vouchers: If you are taxed via PAYE. i.e. and employee of a company that pays you deducts your tax and National Insurance, you can claim up to £2916 per year as tax & N.I. free earnings under a salary sacrifice. We have many helpful contacts and advice. Please call 028 9076 9813.
Tax Credits: The government will help you (subject to status) with up to 70% of your childcare costs. Please remember, the other 30% you are responsible for. Also, Tax credits are paid in arrears whilst your childcare fees are due in advance. You may have to fund a period of time before tax credits commence.
HMRC website dedicated to Tax credits and general assistance with childcare costs.