Working families can save on Easter Childcare Costs by Signing up for Tax-Free Childcare.
With the Easter break approaching, families yet to sign up for Tax-Free Childcare could be missing out on annual savings of up to £2,000 per child, or £4,000 if their child is disabled.
Tax-Free Childcare can help pay for approved childcare for children aged 11 or under, or up to 16 if the child has a disability. Parents can receive up to £500 (or £1,000 if their child is disabled) every three months, which means for every £8 paid into their online account, they will automatically receive an additional £2 top up from the government.
It takes just 20 minutes to apply online for a Tax-Free Childcare account and can be used to help pay for a child’s nursery, childminder, breakfast or after school club or holiday activity club. It can also be used alongside the 15 or 30 hours free childcare offer and to help pay for any specialist equipment needed for a disabled child when they’re attending childcare.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Springtime is a good opportunity to take a fresh look at family finances. A quick check online and you can find out how Tax-Free Childcare can help cut the cost of your childcare bills. Every bit of financial support helps – I would urge families to ’hop to it’ and search ‘Tax-Free Childcare’ on GOV.UK to find out how you could be better off and open your account today.”
Once an account is opened, parents can deposit money immediately, so it is ready to be used whenever it is needed; and unused money in the account can be withdrawn at any time.
Families could be eligible for Tax-Free Childcare if they:
A full list of the eligibility criteria is available on GOV.UK.