Tax-free childcare opens to parents

Tax-free childcare opens to parents

Tax-free childcare opens to parents

London parents are now able to claim thousands of pounds of tax-free childcare support for children under 12.

All working parents with children under the age of 12 can now apply for the government's tax-free childcare scheme - helping to save up to £2,000 per year on childcare costs. The maximum government top-up is £500 per quarter for each child.

Employer-Supported Childcare will be closing to new entrants from April 2018, but parents who are already a member of the scheme will be able to remain in it as long as their employer continues to offer it. However, in analysing the survey, the BBC pointed out that parents on lower incomes would be eligible for additional support, which would reduce childcare costs.

More than 190,000 parents so far have successfully applied and now have a Tax-Free Childcare account they can use to pay for a variety of regulated childcare, including nurseries, childminders, after school or holiday clubs.

The scheme is ideal for those who work for companies that don't offer childcare vouchers, and for the self-employed.

The UK Treasury said about 200,000 carers would be eligible for the support, which contributes towards the cost of children up to the age of 12. Once eligible parents have opened their new account they can start paying their childcare provider straightaway, using the Government contribution.

Elizabeth Truss, Chief Secretary to the Treasury, said "Tax-Free Childcare will cut thousands of pounds from childcare bills and is good news for working parents".

More than 190,000 parents across the United Kingdom have applied and now have a tax-free childcare account.

It assumes both parents are working, where one parent earns an average wage and the second parent earns 67% of average earnings and took into account government help.

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