childcare vouchers calculator

The savings you make will depend on your circumstances.
Your gross pay, after deducting the value of your childcare vouchers, cannot be less than 11,500 a year in the April 2017-18 tax year.
However in the 2015 Autumn statement, the Government announced you must work for more than 16 hours a week to be eligible for the Tax-Free Childcare scheme.However, you are only able to take up to 1,484 per year in Childcare Vouchers, compared to 8,000 per year per child with Tax-Free Childcare.Some employers allow their employees to take more than the capped amount.The Childcare Savings Calculator by Sodexo has been designed as an informative and educational tool and is only a guideline on the proposed criteria regarding Tax-Free Childcare.Status, annual Tax exempt amount savings basic rate (contracted out) 20 tax.6 NI 2,916 892.With the current Childcare Voucher Scheme you can only take up 5,830 per year in Childcare Vouchers, compared to 8,000 per year, per child, with Tax-Free Childcare.Your partner's rate of tax basic rateHigher rateAdditional rateNot in paid work.The proposed Tax-Free Childcare Scheme would not be taken from your salary, so it has no such limit as to the amount of your wage you may choose to pay into the scheme.This means you could receive 243 each month in childcare vouchers irrespective of your tax band.With the existing Childcare Voucher Scheme a basic rate taxpayer may save up to 20 tax and 14 National Insurance and a higher rate taxpayer may save up to 40 tax and 2 National Insurance.
With the existing Childcare Voucher Scheme a higher rate taxpayer may save up to 40 tax and 2 National Insurance.Age restrictions, tax-Free Childcare is only available until your child's 11th birthday, compared to Childcare Vouchers which can be used until your child turns 15 (or 16 if registered disabled).Use our free online savings calculator.However, you are only able to take up to 4,399 per year in Childcare Vouchers, compared to 8,000 per year per child with Tax-Free Childcare.The calculator has been designed for comparative purposes only, and therefore journal voucher sample template complete accuracy cannot be guaranteed.Age restrictions, tax-Free Childcare is only available until your child's 12th birthday, compared to Childcare Vouchers which can be used until your child turns 15 (or 16 if registered disabled).Terms Conditions i agree to the Terms and Conditions.If your child is close to turning 11 you may choose to stay on your existing Childcare Voucher Scheme, or take advantage of Childcare Vouchers before they are closed to new entrants.


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