HMRC reminder to check if eligible to save on Easter Childcare Costs with Tax-Free Childcare

Unlocking Financial Benefits for Working Parents

As the Easter holidays approach, working parents often find themselves juggling childcare responsibilities alongside their professional commitments. The good news is that there’s a way to ease the burden and save on childcare costs: Tax-Free Childcare remember to check if you are eligible to claim.

What Is Tax-Free Childcare?

Tax-Free Childcare is a government scheme designed to provide financial support to working parents. It allows eligible parents to open an online childcare account, where they can deposit money to cover childcare expenses. For every ￡8 deposited, the government adds an additional ￡2, up to a maximum of ￡2,000 per child per year (or ￡4,000 for disabled children).

?Who Is Eligible?

?Your eligibility depends on:

·??????? whether you’re working (employed, self-employed, or a director)

·??????? your income (and your partner’s income if you have one)

·??????? your child’s age and circumstances

·??????? your immigration status

?A full list of the eligibility criteria is available on GOV.UK and you can apply online for a Tax-Free Childcare account which can be used to help pay for a child’s nursery, childminder, breakfast or after school club or holiday activity club.

Remember, at Haines Watts Derby, we’re passionate about helping owner-managed businesses succeed. If you have any questions about personalised tax advice, get in touch with our team today to find out how we can help.