Feb 27, 2011

Act now to ensure you are making the most of childcare vouchers

Most of you will be aware that if your company offers a salary sacrifice scheme you can claim up to £55 of your salary each week free of tax, if you have the payment in the form of a childcare voucher. This voucher is then used to pay your nursery, childminder, pre-school or holiday club, as long as they are registered with the voucher company.

Both parents are allowed to claim the allowance for the same child, but sadly, you can not increase the amount you claim if you have more than one child. However, if you are a higher rate tax payer, this will all change on 6th April, unless you are already enrolled in a scheme with your company. At present, if you claim the childcare vouchers, you can save up to £1,195 per parent throughout the year. But, if you are not already claiming the vouchers by 6th April, you will only be able to save approximately £600 per year if you are a higher rate tax payer.

So, the message is clear; if you are not already using employer childcare vouchers and you could be, go and talk to your HR department on Monday and get signed up. It’s not often you get something for nothing these days, so don’t miss out on this opportunity!

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