34,000 families saved on childcare costs in a year - The Evesham Observer

34,000 families saved on childcare costs in a year

Evesham Editorial 30th Nov, 2022   0

MORE THAN 34,000 families in the West Midlands were saved on childcare costs in September, HM Revenue and Customs (HMRC) has revealed.

Since September last year, the number of families in the area using Tax-Free Childcare has increased by 7,305, but thousands of families are still suffering without this support.

The top-up is estimated to save families up to £2,000 a year per child, which is seen as a lifeline for some families.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “We know childcare can be expensive, so using Tax-Free Childcare can make a huge difference to household finances.”

For every £8 paid into a Tax-Free Childcare online account, families will automatically receive an additional £2 from the government. This means they can receive up to £500 every three months (£2,000 a year), or £1,000 (£4,000 a year) if their child is disabled.

To apply, families must have a child under the age of 11 or under 17 if they have a disability, earn the National Minimum Wage or Living wage for 16 hours per week, earn no more than £100,000 per annum and do not receive tax credits, Universal Credit or childcare vouchers.

It takes around 20 minutes to sign up for the scheme.

Visit GOV.UK for more information.

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