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Earlier in the year, HMRC announced that no new childcare voucher scheme could be set up after the 5 October 2018. Octobers deadline a six month extension from the original deadline of 5 April 2018.
Employers can continue administrating childcare voucher schemes they offer, but they will eventually be phased out. With the current scheme, employers provide childcare vouchers for children up to the age of 16. Basic rate taxpayers can receive tax free vouchers of up to £55 a week. Please note this rate varies for higher rate taxpayers.
HMRC have introduced a new scheme to replace the childcare vouchers. Instead of vouchers, you will have a ‘tax-free’ childcare account that can be used for children up to 12 years old. Under this scheme, the government tops up the savings in the childcare account by 25% up to £2,000 per child per year (£4,000 for a disabled child).
Meaning, savings of £8,000 would be topped up by the government to £10,000 and the £10,000 could then be used to pay Ofsted registered childcare providers such as nursery fees, childminders, after school clubs and summer camps.
For those already in childcare voucher schemes, it may be beneficial to switch to the new childcare account. If you would like to make the switch please contact us on 01295 477 250 alternatively you can email email@example.com.