13 Feb Are you aware of the Tax-Free Childcare Benefits?
Are you aware of the Tax-Free Childcare Benefits?
Tax-Free Childcare is a government scheme that helps working parents, including the self-employed and company employees, with childcare costs. At last the self-employed can claim tax free childcare benefits.
If eligible, employees could get up to £2,000 per child, per year to spend on qualifying childcare.
Parents are usually eligible if they (and their partner, if they have one) are:
- in work, or getting parental leave, sick leave or annual leave
- each earning at least the National Minimum Wage for 16 hours a week, currently £125.28 if they are 25 or over.
If you are self-employed and started your business less than 12 months ago, this earnings limit will not apply.
Further, if their self-employed income varies over time, you can average their profits out across the tax year to meet the minimum income requirement. We would like more parents to benefit from Tax-Free Childcare.
If you are fit the criteria about then we urge you to make sure you know all about Tax-Free Childcare. You can find out more information on the Childcare choices website here.
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