Parents – Childcare is Changing
We are in a period of big changes for parents with children in childcare.
Do you know that a little under 10.5 million children aged between 0 – 15 years require some form of childcare at some time in the year?
Are you one of those parents?
If so, you may have heard about the Government’s new Tax-Free Childcare Scheme which will be available from early on 2017 and you may be wondering if it will benefit you and your family?
The new scheme is set to replace the Employer Supported Childcare Scheme (you may know this as the Childcare Vouchers Scheme) from April 2018, but this change will be bad news for many working parents.
Here at Bambury & Co we’ve looked at the statistics and they show that out of every three households in the UK at least two of them will be worse off financially if the parents sign up for the new scheme rather than taking up an Employer Supported Childcare Scheme while they still can, but, sadly, our research also shows that only 5% o UK employers offer their employees this benefit.
Benefits for the Employer and the Employee
The existing Employer Supported Childcare Scheme works to save the employer some employer’s national insurance contributions, whilst the employee saves tax and national insurance on the amount of the allowable childcare.
And this also applies to the directors of companies!
The Self Employed
The new scheme will certainly benefit many self-employed parents giving them access to tax incentivised childcare for the first time but…..
It won’t apply in my circumstances!
Especially if you have children aged or nearing the age of 11. Even if one parent works and the other parent is self-employed, or is not working, or is in receipt of benefits, it is vital to know which scheme you would be better off in and start saving immediately!
We will be launching our Childcare Impact Review service on 1 February 2017. We will be able to identify how the changes will impact on individual employees and whether employers could benefit from national insurance breaks to help fund the provision of an employer supported childcare scheme. Whatever your circumstances, quantify the potential impact and find out what action can be taken.
The service is normally worth £250 + VAT but we are offering it free to the first 40 people who sign up for the service.
And so if you are interested in funding out how the changes impact on you, your business and what action to take, please contact us now on 01869 222830 / , and book your Childcare Impact Review.