The government is offering help in deciding whether employees would be better off receiving tax credits or taking childcare vouchers from their employer. By using an online calculator staff can determine whether they are eligible and if they would benefit from the voucher scheme.
Childcare vouchers can save many parents with children aged up to 15 up to £1195 per year for the parent (£2390 if both parents apply), enabling employees to pay for childcare out of their Pre-tax and National Insurance income.
As the employee doesn’t pay NI on the vouchers, this also equals big savings for the employer!
For further information and an overview of the information you need to input into the calculator, visit http://www.hmrc.gov.uk/calcs/ccin.htm.
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