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Daily Mirror
3 days ago
- Business
- Daily Mirror
Parents missing out on official scheme that could save £2,000
Many parents are missing out on a scheme that could save up to £2,000 a year for each child, a payroll specialist says. Robert King, director of nanny payroll services at Nannywage Ltd, is encouraging parents to make use of the lesser-known facility. And he said it could save them hundreds on childcare costs this summer, reports Lancs Live. Robert said: "The Tax-free Childcare Scheme allows working parents to save up to £2,000 per child annually on approved childcare costs, with the savings capped at £500 every three months, or £1,000 for children with disabilities. "Over the summer holidays, parents can benefit significantly, as the scheme provides a government top-up of £2 for every £8 deposited into the account. This is a great way to manage rising childcare costs while keeping flexibility to withdraw unused funds if plans change." According to the director, it does not take long at all to sort. Robert said: "Families can apply online for Tax-free Childcare through the government website in just 20 minutes. Once the account is set up, parents can deposit money immediately and use it to pay for nurseries, childminders, summer activity clubs, and other approved providers. Any unused money can be withdrawn at any time." There are criteria to take part. To qualify, each parent must earn at least 16 hours per week at the National Minimum Wage or Living Wage, but no more than £100,000 annually. The scheme is not available to those receiving Tax Credits, Universal Credit, or childcare vouchers. For self-employed individuals or directors, proof of income, such as accountant statements, invoices, or bank statements, may be required to confirm eligibility. The scheme supports children aged 11 or under, or up to 16 if they have disabilities. Eligibility ends on September 1 following the child's 11th or 16th birthday, depending on their circumstances. It comes as a recent study has shown that 61% of parents feel the strain to overspend during the summer holidays, with 51% worried they won't be able to afford a holiday this year. The average weekly cost of childcare has risen by 11.41% since 2023.
Wales Online
29-04-2025
- Business
- Wales Online
How parents of children born since 2014 can claim £2,000
How parents of children born since 2014 can claim £2,000 Parents are being told to 'act quickly' as the new tax year begins The Tax-Free Childcare scheme allows working parents to save up to £2,000 per child annually on approved childcare costs (Image: Getty ) Parents are being urged to take advantage of a tax-free childcare benefit available for children under 11 - and to act quickly as the new tax year begins, warns Robert King, director of nanny payroll specialists Nannywage Ltd. He has shared: 'The Tax-Free Childcare scheme allows working parents to save up to £2,000 per child annually on approved childcare costs, and up to £4,000 for children with disabilities. For every £8 deposited into the account, the government contributes an additional £2, up to £500 every three months, or £1,000 for disabled children. "Parents should take advantage of this scheme, as it provides valuable financial relief, helping families manage childcare costs while maintaining flexibility to withdraw unused funds if circumstances change." For money-saving tips, sign up to our Money newsletter here How to apply Families can apply online for Tax-Free Childcare on the government website in just 20 minutes. Once the account is set up, parents can deposit money immediately and use it to cover costs for nurseries, childminders, breakfast or after-school clubs, or holiday activity clubs. Any unused money can be withdrawn at any time. Article continues below Who is eligible for the scheme? Parents must earn at least the equivalent of 16 hours per week at the National Minimum Wage or Living Wage and no more than £100,000 annually per parent. The scheme is not available to those receiving Tax Credits, Universal Credit, or childcare vouchers. For self-employed individuals or directors, additional proof of meeting minimum income requirements may be needed, such as accountant statements, invoices, wage slips, or bank statements. This ensures the scheme supports those actively working and contributing to childcare expenses. The scheme supports children aged 11 or under, or up to 16 if they have a disability. Eligibility ends on September 1 after the child's 11th or 16th birthday, depending on their circumstances." Article continues below
Daily Mirror
25-04-2025
- Business
- Daily Mirror
Parents with children born after 2014 could be entitled to up to £4,000
The tax scheme allows working parents to save up to £2,000 a year on childcare costs, and up to £4,000 for children with disabilities. But time is running out to claim it Parents with youngsters born after 2014 can apply to a government scheme that could bring in up to £4,000 towards childcare expenses. Money specialist Robert King of Nannywage Ltd is urging mums and dads not to overlook the tax-free benefit available for those with kids under 11 as the new tax year kicks in. Robert said: "The Tax-Free Childcare scheme allows working parents to save up to £2,000 per child annually on approved childcare costs, and up to £4,000 for children with disabilities. For every £8 deposited into the account, the government contributes an additional £2, up to £500 every three months, or £1,000 for disabled children." He added: "Parents should take advantage of this scheme, as it provides valuable financial relief, helping families manage childcare costs while maintaining flexibility to withdraw unused funds if circumstances change." Applying for Tax-Free Childcare should be a quick job, with Robert indicating it takes just 20 minutes online on the government's website. Once set up, the account is ready for immediate use — covering expenses across nurseries, childminders, as well as breakfast, after-school clubs, or holiday activity clubs. He explained that any money not used can be taken out without a fuss, reports Leicestershire Live. Robert said: "Parents must earn at least the equivalent of 16 hours per week at the National Minimum Wage or Living Wage and no more than £100,000 annually per parent. The scheme is not available to those receiving Tax Credits, Universal Credit, or childcare vouchers". READ MORE: 'My husband thought he'd got a bug from our son but then he died - aged just 36' "For self-employed individuals or directors, additional proof of meeting minimum income requirements may be needed, such as accountant statements, invoices, wage slips, or bank statements. This ensures the scheme supports those actively working and contributing to childcare expenses. "The scheme supports children aged 11 or under, or up to 16 if they have a disability. Eligibility ends on September 1 after the child's 11th or 16th birthday, depending on their circumstances."
