Is there room to save on childcare 21 July at 11:20PM in Child Support 2 replies 90 views

MoneyHidingExpert

trying to see if we can save money on childcare costs using govt schemes 

I earn 74k a year and my partner earns 21k and none of us receive any childcare vouchers as we recently switched employers.

we have very two young children and would like to know if it’s possible to save on childcare costs

many thanks

poppy12345

Childcare vouchers are now closed for new applicants. https://www.gov.uk/help-with-childcare-costs/childcare-vouchers

There's tax free childcare but If you or your partner have an expected ‘adjusted net income’ over £100,000 in the current tax year you will not be eligible. This includes any bonuses you expect to get.

Your adjusted net income is your total taxable income before any personal allowances and minus things like Gift Aid. https://www.gov.uk/tax-free-childcare

There's 30 hours free childcare for children aged between 3 and 4 but the eligibility criteria for this is the same as tax free childcare.

https://www.gov.uk/30-hours-free-childcare

Also just found this link so you can check if you're eligible for anything. https://www.gov.uk/childcare-calculator?step-by-step-nav=f237ec8e-e82c-4ffa-8fba-2a88a739783b

MoneyHidingExpert

poppy12345 said:

Childcare vouchers are now closed for new applicants. https://www.gov.uk/help-with-childcare-costs/childcare-vouchers

There's tax free childcare but If you or your partner have an expected ‘adjusted net income’ over £100,000 in the current tax year you will not be eligible. This includes any bonuses you expect to get.

Your adjusted net income is your total taxable income before any personal allowances and minus things like Gift Aid. https://www.gov.uk/tax-free-childcare

There's 30 hours free childcare for children aged between 3 and 4 but the eligibility criteria for this is the same as tax free childcare.

https://www.gov.uk/30-hours-free-childcare

Also just found this link so you can check if you're eligible for anything. https://www.gov.uk/childcare-calculator?step-by-step-nav=f237ec8e-e82c-4ffa-8fba-2a88a739783b

Thank you!!

I have put in my details into the calculator and it came back with:

Tax-Free Childcare

You could get £1,284 a year towards your childcare costs.

One thing it didn’t ask was our salaries and wonder if I can still claim earning 74k a year??

I have ruled out child benefit because given my salary range I would have to pay back 100% of claim.