Tax and NI free support for childcare has been around for some time, but a number of new clients that have joined us recently were unaware that their businesses, as employers, were able to provide them with tax and NI free childcare vouchers of up to £55 per week or £243 per month – that’s £2,916 per annum available to you tax free to help with childcare costs! – and this equally applies to small owner managed businesses operating PAYE schemes.
You may have heard this year’s budget announce a new scheme to be phased in from 2015 but employers can continue to take new members – including owner / managers - into the existing arrangement until April 2015.
Whether the new or old scheme will provide you with the best deal will depend on your personal circumstances and can be reviewed closer to the date when the new type scheme is introduced.
For now, you need to be aware just how easy it is to set up and operate a childcare scheme; it is simply a case of getting the right pieces of paper in place, takes very little time and is extremely easy! We’re here and ready to help now, so don’t miss out!
If you want to read HMRC’s notes, a good starting point is: http://www.hmrc.gov.uk/payerti/exb/a-z/c/childcare.htm#x8 but don’t be put off!
