yaw_holiday_trading Child Care Vouchers

Child Care Vouchers

Childcare Vouchers (CCV) are an easy way to save Tax and NI on the cost of childcare.

Child Care Vouchers

Childcare Vouchers (CCV) are an easy way to save Tax and NI on the cost of childcare.

If your employees have children that attend a registered child-minder, nursery, play scheme or out-of-hours club, they could be making significant savings.

They can use the vouchers for regular carers or save them to use in the holidays.

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CCV are a Government-approved, tax-efficient way of paying for childcare for children up to the age of 15. Basic Tax rate employees can exchange up to £243 a month (£55 a week) of gross salary for childcare vouchers.

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The gross salary used to buy the childcare vouchers is tax-free and exempt from National Insurance so parents can save up to £933 a year (£623 for higher rate tax payers).

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The vouchers can be used for Ofsted registered nurseries, carers, au pair, tutors, out of school clubs and holiday camps.

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The scheme is due to close to new entrants from April 2018 but will continue for those already registered.

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From 2017 there will be a new Tax-Free Childcare scheme which will benefit some but not all parents depending on personal circumstances, so it is worth certain employees registering now for CCV.

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The employer saves NI on the CCV so its a win win for everyone.

 

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“Cycle to work is a great example of a benefit that our employees really want, delivered and administered successfully. Employees can access the portal on the move when they want to, and do just that. The feedback has been very positive”

Regina McEvoy | UK Benefits Manager | Thomson Reuters