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Computershare childcare vouchers calculator
Recently, the government launched a new scheme called Tax-Free Childcare, or TFC for short.
If youre a parent we want to help you make the right choice for your family; and if youre an employer or carer we want to help you to give the right advice.
Governments figures, the average family spends 3,276 on childcare each year.
Your gross pay, after deducting the value of your childcare vouchers, cannot be less than 11,500 a year in the April 2017-18 tax year.Figures"d are the maximum available savings for a Basic rate taxpayer.TFC is often said to offer 2,000 of support, but this is based on a family spending a total of 10,000 a year on childcare, with 8,000 out of their own pocket.This means you could receive 243 each month in childcare vouchers irrespective of your tax band.Higher and Additional rate taxpayers may save around 623 a year.How much would you like to sacrifice per pay period?While some parents will be better off with TFC, we believe that most will save more money with childcare vouchers.Were here to help you understand the differences between TFC and childcare vouchers.Salary bands on UK rates.Some employers allow their employees to take more than the capped amount.Use our free online savings calculator.It is also sometimes claimed that TFC is fairer to single parents, but single parent households could still be worse off with TFC.
Childcare voucher schemes, like the one screwfix promotion code october 2015 we offer, will only stay open to new entrants until April 2018.
This family would only receive up to 655 of support under TFC but could receive up to 1,866 with childcare vouchers.
This is capped at 2,000 a year.The average family will be able to claim more support with childcare vouchers.In a nutshell, through TFC the government will pay 2 for every 8 parents pay for childcare.In fact, according to the.A basic rate taxpayer single parent would have to spend over 4,665 on childcare to be better off with TFC than with childcare vouchers.After that time, TFC will be the only option.Childcare Choices website and, check what help you could get with childcare costs calculator for a more personal illustration.People sometimes think childcare vouchers has restricted access, but the fact that you are receiving this email means that you are probably one of the well over 20 million employees of the 31 million in this country that can access vouchers.
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