ACT NOW OR LOSE SAVINGS childcare vouchers

[fairydust1984]

hi all

the childcare voucher scheme is changing and if you are not registered to have childcare vouchers by the 5th of april you will lose around 50% of the savings as long as you are in a scheme by the 5the if april you will continue to save the full amount of tax which works out at around £80.00 a month if you take the maximiun deduction from your wages.

You do not need to have the full amount deducted the minimum is £20.00 per pay slip so you can register to have the minimum even if off on maternity leave, the can not deduct it from smp either but you should still recive the benefit off your employer.

only found out today so have just re entered my husbands details and got him the minimum order even though we don't need it untill i go back to work in September/ October but we will save them up and use as or deposit for Oliver in Nursery.

xx

 

[Esoames]

I think it's something to do with 40% tax payers. I did some research a few weeks ago and noticed it didn't affect lower tax payers.

My employer uses kiddivouchers.
Emma x

 

[fairydust1984]

it does effect all tax pyers they deduct the amount off you befire they take off tax or ni so you can save the tax on all deductions i.e 240 of deductions saves you 20% tax so £80.00 it is doublly benifitical to higher rate tax payers as it can mean that they do not have to pay the higher rate tax if you are quite close to the amounts xx