Working parents with children aged under 12 or under 17 for children with disabilities can now apply for the government’s tax-free childcare scheme.
Eligible parents can visit the government website and open an online tax-free account. For every £8 they pay into the account, parents will receive a top-up bonus of £2 from the government.
The scheme will help cut childcare costs by up to 2,000 per child per year or £4,000 for children with disabilities.
In addition, parents of 2 and 3-year-old children can apply for 30 hours free childcare from September 2017. Parents of 3 and 4-year-old children are also entitled to the free scheme.
Speaking previously before the launch of the scheme, David Gauke, chief secretary to the Treasury, said:
“This government is on the side of working families and our childcare support will cut thousands of pounds off bills for millions of households, as well as supporting parents to return to or remain in work.”
For any help or advice with financial planning talk to RPD