Childcare Vouchers - Salary listed help please

sillyspendy

I am just querying the childcare vouchers and if they are ofbenefit to me.



I currently earn £18,500 which £1,257 per month after taxand pay my childcare provider 300 a month in childcare fees.



Would I end up saving anything if I signed up for thevouchers? I believe you don’t pay tax and insurance on them up to £243 a monthso would that mean (sorry to sound dumb) that I would end up being taxed on asalary of £15,224 if I take away the £2916 in childcare vouchers, thus earning approx£1,120 a month? Meaning I only have to pay £60.00 on top but saving me £100 amonth?



Any help would be great.



Thanks

xylophone

Have a look at this.

http://www.hmrc.gov.uk/calcs/ccin.htm

mrssjs

If you take the full £243 you will save around £80 in tax per month