Childcare schemes

Childcare schemes provide a tax-efficient way to fund your child’s care, between the ages of four and fifteen. There are currently two childcare schemes in operation. There’s the Childcare Voucher Scheme, which closed to new entrants on 4 October 2018, and the Tax-Free Childcare Scheme, which replaced the old scheme.

The main difference between the two is that Childcare Vouchers are treated as a gross deduction from monthly pay and Tax-Free Childcare is treated as a net deduction. Anyone who is already part of the Childcare Voucher Scheme before the change will continue to be treated the same but those who wish to apply now will be enrolled in the Tax-Free Childcare Scheme. If you decide to join the LLP, you will still be eligible to receive existing Childcare benefits through either Scheme.

If you want to enrol for the Tax-Free Childcare Scheme after joining, you are still eligible to apply. Please be aware that upon becoming a partner, you are taxed through Self-Assessment. So, if you were employed and taxed through PAYE before joining the LLP, you must update your employment status with either scheme from ‘Employed’ to ‘Self-Employed’.  New applicants must also enrol as Self-Employed.

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ben crampin

Partner

Ben’s been here pretty much since the get-go and, as such, has been instrumental in growing the business into what it is today.
 
He’s passionate about, in his words, ‘helping people and businesses that are just constantly being taken advantage of’ by providing affordable advice and support with an eye to ‘levelling the playing field’.
 
Ben looks forward to the day when automation will, once and for all, fumigate the fear and confusion caused by oppressive bureaucracy and strongly believes that ‘technology holds the solutions to the problems we’re trying to solve’.
 
Furthermore, he can see that technology will, in time, provide the scalability required to help a theoretically limitless number of SMEs survive and thrive against the odds.
Ben doesn’t think much of government agencies and he doesn’t suffer fools; two points that aren’t always mutually exclusive.