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Before it’s too late… here are three things you need to know about childcare schemes


care-4 familyThe advent of Tax-Free Childcare means that new care-4 registrations end in April 2018. Yet for those who join before then, it will continue as an employee benefit for years to come. Participating parents who join before the deadline can use their care-4 account right up until the end of the August after their child’s fifteenth birthday (or sixteenth if the child has a disability).

1. It’s important for parents to do the maths

Comparing the childcare offers available means parents can check whether they will be better off with care-4 childcare vouchers, Tax-Free Childcare or another government provided scheme. Bear this in mind:
  • Savings vary depending on the age of the child, so work out the best option over the lifetime of childcare needs
  • Participating employees can add more children and carers, even after April 2018
  • care-4 savings are per employee and so if both partners are both eligible to join they should both sign up!  

2. Tax-Free Childcare eligibility needs to be maintained

Parents registering for TFC will need to leave care-4 and will not be able to benefit from employer-supported childcare in future. And once they’re using TFC, they’ll need to remember to re-confirm their eligibility every 90 days. If they are not eligible, the savings will stop.

3. care-4 is for organisations of all sizes

If you haven’t yet set up a care-4 scheme for your employees, there’s still time for you and your employees to save money. Whether your company has two employees or two thousand, you can still take advantage of this tax-efficient salary sacrifice benefit. Get in touch with us, or visit www.care-4.co.uk
 
 
Support those working parents who will be better off with childcare vouchers in the future, by signing this petition to keep childcare vouchers open for new joiners beyond April 2018. 
 

Useful links:

 
www.care-4.co.uk
www.childcare-support.tax.service.gov.uk/par/app/eligibility
www.gov.uk/childcare-calculator

 
Posted: 10/6/2017 10:50:49 AM | with 0 comments
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