By registering for your employer's childcare voucher scheme, you can save money weekly as the childcare can be deducted from your salary and used to provide childcare vouchers for the same amount. This amount, which is deducted from your gross salary, is then exempt from National Insurance and Income Tax. You will either receive paper vouchers which you hand into the nursery or the vouchers are paid electronically directly to Ysgubor Fach
The Government backed Tax-Free childcare scheme essentially gives families 20% off childcare costs. You open a centralised account and the Government adds 20p for every 80p you pay in. You then pay your childcare provider from that Tax-Free Chidcare account. For more information regarding tax-free childcare go to www.gov.uk/tax-free-childcare
. You could save up to £2000 a year for each of your children to help with the cost of childcare.
You CAN get Tax-Free Childcare at the same time as 30 hours free childcare if you are eligible for both.
Tax Credits offer extra financial support to help with your everyday costs - they are flexible and change whenever your life changes. There are two types of tax credits - Child Tax Credit and Working Tax Credit, both of which you may be eligible for. Child Tax Credit is a payment created to support families, or individuals with at least one child or young person who they are responsible for. Working Tax Credit is additional financial support for workers on a low income.
We are registered for the 30 hours of free Childcare and we offer places on the 30 Hour Free Childcare Scheme. In order to enquire about a place at Ysgubor Fach Creche please fill in the application form and we will be in touch.
Nine out of ten families with children qualify. Families with children can claim Child Tax Credit if their income is no more than £58,175 a year (up to £66,350 if you have a child under one).
If you're in work but on low pay, you can apply for Working Tax Credit to top up your earnings. It includes a childcare element to help families who are working and spending money on childcare. You can claim this whether you're employed or self-employed.
The childcare element of Working Tax Credit is aimed specifically at helping working parents with the cost of registered and approved childcare. This can pay up to 80% of childcare costs up to a limit of £175 per week if you are paying for one child and up to £300 per week for two or more children (meaning the most you can receive for the childcare element is £122.50 for one child or £210 for two or more children).
For more information on eligibility and how to claim tax credits, you can visit www.taxcredits.inlandrevenue.gov.uk