A well planned financial stategy

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Benefits

To see if you are entitled to benefits please visit the external site here.

Childcare vouchers and tax credits

Childcare vouchers allow you to pay for childcare out of your pre-tax income, saving money.  Both parents are allowed to get a maximum of £243 per month worth of vouchers.  Higher rate taxpayers can save even more.  The vouchers cover childcare up to 1 September after your child's 15th birthday.  They are useable by any nursery, playgroup, nanny, child-minder whom are registered and regulated by Ofsted.

There is a link between childcare voucher and tax credits, that means you have to work out which one is right for you. It can work out that childcare vouchers make you less well off.  The more you pay for childcare, the more help you could be eligible for in Tax Credits,however it's only what you pay in cash (not vouchers) that counts.  Therefore by paying in vouchers you could lower the possible Tax Credit payout.  Visit here for more help.

Also, you could get at least 12.5 hours a week free childcare for all three and four year olds for up to two years before they reach school starting age during term times, 38 weeks a year.  For more information in England there is the local Families Information Services (FIS), they can inform you of provision available in your area. The number is 0800 234 6346.

For holiday childcare needs, there may be free activities and classes on offer.  If the provider is Ofsted registered and you need to pay for it, then this can be part of your Childcare Tax Credit application.  Also, you can often pay for the holiday provision with Childcare Vouchers.

Childcare Tax Credit is available to many parents.  It will pay more for parents earning less.  So if you pay for childcare & are a couple both working 16+ hours a week, or a single parent doing the same call the tax credit helpline on 0845 300 3900.