What Are Childcare Vouchers?
First thing to say is that the UK Childcare Vouchers scheme closed to new entrants in October 2018. But if you have ever asked yourself “What Are Childcare Vouchers”, then this page will explain more. Further information is available on other pages on this website and for a full answer to the question What Are Childcare Vouchers or for any associated queries, please give us a call on 0845 0945 804.
Childcare voucher schemes can save employees between £623 and £1370 per annum, see what you can save here. The scheme allows employees to purchase childcare vouchers through their salary which can then be exchanged for childcare. By purchasing childcare in this way, both the employer and the employee can save money. And best of all, Early Years Vouchers manage the whole process.
Employers offering Childcare Vouchers in the UK provide a valuable benefit to employees. Not only does this service that sets them apart as a forward thinking UK company, but it is also financially beneficial. If your employer can’t answer the question “What are Childcare Vouchers”, then contact us and we will send them an information pack. So it is important that you identify the very best Childcare Vouchers UK Scheme that will offer you an efficient service and flexibility. Click Here for more details.
What are Childcare Vouchers Schemes?
The are several UK Childcare Vouchers Schemes available. The Early Years Vouchers Scheme is rated by our UK clients as providing a modern and efficient service.
Before you can benefit from UK Childcare Vouchers, your employment contract will need to be updated with the inclusion of a signed agreement, which confirms your acceptance of the salary sacrifice.
The employer does not pay National Insurance on the amount agreed, which provides the employer with saving for each employee that is a member of the Childcare Vouchers Scheme. And the employee pays no NI or tax, which means that they can make significant savings. Call us on 0845 0945 804 to find out exactly the level of savings that may be available if you join a Childcare Vouchers UK Scheme.
Childcare Vouchers or Tax Credits?
Wondering what are the benefits of Childcare Vouchers versus Tax Credits, read on …
- Families are always best taking a UK Tax and NI free voucher if it is offered to them on top of their salary.
- Families will generally benefit from a childcare vouchers scheme when the amount of their qualifying childcare costs are greater than the current childcare limits.
- Generally, UK families who are receiving tax credits at the family element or less when they are claiming for the childcare element in Working Tax Credit will be best claiming the tax and NI exemption.
- Families receiving tax credits at a level greater than the family element will not normally gain from claiming UK tax and NI exemptions unless the person in the Childcare Vouchers Scheme is a higher rate tax payer.
- UK Families receiving Childcare Vouchers from their employers cannot then claim the childcare element of Working Tax Credit on the same costs.
To answer the question What Are Childcare Vouchers, call Early Years NOW
Tel: 0800 088 7315
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