Saving Money on the Cost of Childcare
Did you know that you can save up to £1,195 per year on the cost of childcare plus Government Funding?
You are entitled to TWO forms of cash incentives:
1. GOVERNMENT FUNDING
Government Funding is available for all 3 and 4 year olds attending Millwood House Independent Day Nursery.
We offer a stretched entitlement of 11 FREE hours per week. We have free sessions available on Mondays and Fridays, with no additional top up fees. If you attend for more than 11 hours your free entitlement will be deducted from your monthly invoice.
As part of Working Tax Credit, you may qualify for extra help towards the costs of Millwood House Independent Nursery fees. The tax credits could help pay up to 80% of your childcare cost.
If you need further advice about Child Tax Credit, Working Tax Credit or the claim forms you can:
- telephone the Inland Revenue Helpline on 0845 300 3900
- textphone the helpline on (084) 5300 3909
- visit the Inland Revenue website
- visit any Inland Revenue enquiry centre
Childcare Vouchers and work-life balance
Millwood House Independent Day Nursery offers Childcare Vouchers which are exempt from National Insurance contributions for the employer and National Insurance and tax contributions for the employee, so both you and your employer will save money.
Employers are also increasingly adopting work/life or family friendly policies to support their workforce. Flexible work options may include term-time work, flexi-hours, part-time work or job share to allow parents to work around their childcare commitments.
For further information on Childcare Vouchers and work-life balance contact the Children’s Information Service.
2. MONEY SAVING VOUCHERS
- The 2006 budget gave employers the opportunity to offer their employees childcare vouchers worth up to £55 per week (£238 per month), free of tax and national insurance contributions for both parents on a “salary sacrifice” basis, collectively saving £476. Both mother and father are eligible for this.
- A basic-rate taxpayer can therefore save up to £962 per year, whilst a higher-rate taxpayer can save up to £1,195 per year.
- By operating this through a salary sacrifice scheme, the employer will also save national insurance contributions, currently at 12.8% of the value of the vouchers provided.
- These changes to the rules have presented employers with a superb opportunity to help their employees meet the costs of childcare, whilst at the same time enjoying significant savings themselves.
Which employees are eligible?
Any employee, male or female, who has a qualifying child, or who has parental responsibility for a qualifying child who lives with that employee, can take part in a childcare voucher scheme.
It is possible for married couples or partners with parental responsibility for the same qualifying child to both take part in the scheme, thereby doubling their entitlement.
Which Childcare Providers are Eligible?
Millwood House Independent Nursery is a registered Approved Childcare Provider, Approval Number 107987.
What or Who is a Registered Childcare Provider?
Millwood House Independent Nursery is a Registered Childcare Provider.