Business News

Parents Urged To Take Up Tax-Free Childcare

Parents are being encouraged to take advantage of the government’s tax-free childcare scheme to help manage childcare costs over the school holidays.

YouGov polled 334 parents of children aged 16 and under on behalf of HMRC, and found that 31% felt stressed trying to arrange childcare for the school holidays.

Around the same figure (30%) also found it difficult to balance their job and school holiday childcare, and 54% said they look forward to their children returning to school at the end of the holidays.

To help manage this stress, HMRC is urging parents to apply for tax-free childcare, which provides a government contribution on savings used to cover childcare costs.

For every £8 paid in, the government adds an extra £2 up to a limit of £2,000 a year, or £4,000 for parents of disabled children.

This can be put towards the costs of registered childcare providers, including nurseries, childminders, after-school clubs and holiday clubs.

Liz Truss, chief secretary to the Treasury, said:

“Organising childcare for school holidays is important for parents.

“Tax-free childcare and 30 hours’ free childcare [in England] help make things easier by cutting thousands of pounds from the childcare bills of working parents.

“So I hope families across the country visit the Childcare Choices website to take advantage of the offer available from the government, and enjoy the holidays.”

For any help or advice with financial planning talk to RPD

 

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