Childcare Vouchers/MoneySavingExpert.com Discussion

Kallisti

I have to fully agree with the last post..

I'm self employed - I pay my self an amount per month, and then at the end of the year a dividend based on the year's profits. Even if I could work out how to run the scheme, I have no idea how I'd either a/ account for it, or b/ run the mechanics of it. I do like the monopoly money idea though.

My wife works part time for a big employer that runs the scheme through care-4. So The nursery is gonna get another stream of cash from them.

My kids are at nursery three days a week at a cost of £265 or so. That's done by direct debit in advance each month.

One of them is old enough for the pre-school grant - frankly I've no idea how that operates, apparently July will be a golden month for it...

So, in all - a transaction involving 4 revenue streams (plus more if you start getting into tax credits) for the sake of sending kids to nursery.

Do I benefit financially from it? No idea - I don't know how much I earn till after the fact. That also makes tax credits a complete nightmare...

I need an accountant to work out my personal tax - which of course would negate any benefits, but at least I might have some hair to show for it. All this makes me think that Mobile phone contracts look straightforward and honest.

Pat24_2

Can anyone tell me why this Government run scheme cannot be applied to HM Forces - a Government run body.

NervousYetFeisty

Pat, my guess is that it's for the same reason other Public sector employees can't join - it affects your pension contributions. I suspect this is why civilian MOD employees can't join, either. I'll look into it though.

Edited to add:
Have you seen this? Might be useful...
http://www.mod.uk/DefenceInternet/DefenceFor/ServiceCommunity/ServiceFamiliesTaskForcesSalarySacrificeFactSheet.htm

bex81

These childcare vouchers are very well but it is still much cheaper to get an eastern european au pair for £55-70 a week if you have 2 or more children. Plus most will do the housework and cooking too!

hex2

anitha wrote:

hi,

I work for a small comapny - where can I find details as to how our company can do this themselves ?
Leap frog say they need min 10 employees.

I return to work o n monday and would like to print out all the info, ready to hand, as my boss is 75 and may take some real convincing.



thanx

Anita - Busybees will do vouchers for one employee - my company do it just for me at the moment. I can change the amount anytime I feel like, and everything is paid electronically. Employers are fine with it as it costs them just less than my NI did even when they allowed for admin costs.

cannyscot_2

Vouchers-Scotland

anybody got experience of using a nanny agency to employ someone and hence use the vouchers?

bex81

u can only use them for ofsted approved childcare (i was a childminder btw) if u employ a nanny i think u have to pay nanny tax hence y i'm using an au pair. best agency i found that also gives u advice and u can search for au pairs/nannies without paying a penny is greataupair.com

Hiram

Well done to the teachers!

In the NHS we have had Busy Bees childcare vouchers, computers and also bike salary sacrifice schemes all offered to us as part of the Improving Working Lives initiative. However, did our employers tell us it would affect our pension benefits? No! In fact Busy Bees said at the commencement of the scheme that our salaries would not be affected. NHS managers did not check with the Pensions agency and typically its another fine mess they have got us into.:eek:

The teachers have managed to change their pension scheme so that pensions are not affected. How have they managed to achieve this?

I am aware of Grannies (NHS workers) who have taken these vouchers just before retirement only to discover how their pension has been affected and have had to stay on at work for another year, at least, to make up for the loss.

Spendless

Hiram wrote:

The teachers have managed to change their pension scheme so that pensions are not affected. How have they managed to achieve this?

I can't answer about teachers but we have busybee vouchers and they do not affect his pension. This is because the pension comes off first off the top line before the deduction for childcare vouchers are made.

chaliepud

NOt sure if this helpful to anyone, but we are using the vouchers (salary sacrifice but not affecting pension) to help towards the costs of "Explore Learning" at our local Sainsburys, at £80 a month we felt it was too expensive, but the vouchers bring it down to £48 a month