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The new Tax-Free Childcare scheme is now half way through its roll-out period. The first round of applications began in April 2017 and by the end of the year all eligible parents can apply. Potentially annual childcare costs of up to £10,000 per child can be met by £8,000 of payments by the parents and £2,000 by the government. For a disabled child, the maximum top-up payments are £4,000.
This is the first childcare scheme providing a tax break for the self-employed. However not everyone qualifies, and the qualifying conditions also need to be satisfied by the spouse or partner of the claimant.
The government has launched a website – Childcare Choices – which guides parents through the various ways help is, or will be, available. Please see: www.childcarechoices.gov.uk. It clearly and interactively guides a potential claimant through the types of childcare support available.
Of course, the scheme is not just for the self-employed – employees potentially qualify. If you are an employer, it would be a good idea to point your employees in the direction of the Childcare Choices site.
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020.
Minister for Public Finance and Digital Economy, Kate Forbes, delivered the 2020/21 Scottish Draft Budget on Thursday 6 February 2020.