Childcare Costs discussion

Nadstar

ryantravs84 wrote: »

Are these fees even legal. It seems very unreasonable for the consumer. You don't appear to have a choice whether you risk losing your nursery place or not. Can anyone shed some light on this.
Ryan

Is the nursery open during the school holidays?

Mudd14

Hi everyone,

Would any be able to give an indication of whether we would qualify for childcare tax credits?

Both work 16+ hours per week our current childcare costs for 2 children are approx £10,000.00 per year. I get vouchers through my employer but they have already been deducted to get to the 10k.

Our joint income for last year was 58k and is likely to be similar this year.

Thank you

becominganobsessivesaver

We have the same joint income, but lower childcare costs and are not entitled to anything. I doubt you would be. Are you both claiming vouchers from work?

Mudd14

Just me. My wife is part self employed and part employed and due to her variable hours they places she works in an employed capacity wont facilitate childcare vouchers in her case.

gracie48

Hi
I saw Martin on This Morning in January and ever since then have been trying (with a great deal off difficulty) to get back to the 41k figure that he stated on the programme re: tax credits

I have spoken to the tax office on more than one occasion and they have said that we are not eligible for any tax credits as Working Tax Credit has an income limit of 26k for a couple BEFORE TAX! and if you earn any more than that then you are not eligible (you'd never receive that 26k even if you both earned 13k each as you'd pay tax etc on it)
Also they stated that Child Tax Credit is 17k approx and they are two seperate amounts and cannot be added together (I assumed this is where Martin got the 41k figure although it doesn't tie up exactly)

Anyway, sorry to go on but I'm just really wanting to get to the bottom of it all as I am on maternity leave and return to work very soon and would like to know what benefit if any is available in terms of the above and or childcare vouchers.
It feels like trying to find a needle in a haystack!
Any help greatly appreciated

susancs

gracie48 wrote: »

Hi
I saw Martin on This Morning in January and ever since then have been trying (with a great deal off difficulty) to get back to the 41k figure that he stated on the programme re: tax credits

I have spoken to the tax office on more than one occasion and they have said that we are not eligible for any tax credits as Working Tax Credit has an income limit of 26k for a couple BEFORE TAX! and if you earn any more than that then you are not eligible (you'd never receive that 26k even if you both earned 13k each as you'd pay tax etc on it)
Also they stated that Child Tax Credit is 17k approx and they are two seperate amounts and cannot be added together (I assumed this is where Martin got the 41k figure although it doesn't tie up exactly)

Anyway, sorry to go on but I'm just really wanting to get to the bottom of it all as I am on maternity leave and return to work very soon and would like to know what benefit if any is available in terms of the above and or childcare vouchers.
It feels like trying to find a needle in a haystack!
Any help greatly appreciated

To get a rough idea of what you might be entitled to just fill in the estimated form with the details of what you will be earning and approx weekly childcare costs.
http://taxcredits.hmrc.gov.uk/Qualify/DIQHousehold.aspx

melizaarora

If you are not eligible for the childcare element of tax credits. You must find out whether you or your co workers participate in the childcare voucher scheme. So that you can use these vouchers before you get taxed & use the money to pay for child care expenditure.

If you need access to some more info about childcare, I’d check out friendswithkids.net as well.

Barry_Freeman

I've been quite confused about whether the new tax free childcare scheme would be better than my current childcare vouchers but have found a calculator that has helped work it all out for me - tax-free-childcare.info/childcare-savings-calculator

vaderag

We're due a new baby next month - my wife is taking the first year off, but afterwards we will obviously be needing childcare.

When we're working, the new scheme works better for us, but for the next year I'm wondering if I can still take advantage of the Vouchers scheme at work and combine with the new scheme next year?

sandi241

Hi all! this is my very first technical post of any shape or form (so apologies for wherever this ends up)?! But I have a question. My partner & I both earn around £16,000 each and pay £730pm childcare for our son who is full time in a nursery. I am enrolled in the childcare voucher scheme but my partners firm is not included in this. I thought with the new 20% tax-free childcare scheme we would actually save 20% of £730pm (a saving of £146 each month)? But when doing the calculation it states we are better off staying on the voucher scheme (saving of £42pm) I don't understand? Please enlighten me.....?? Was the promise of 20% too much to hope for I really am confused.
Sandra