For many working parents, childcare costs can play a large role when planning a return to work, or considering their career options and working hours.
Now that childcare vouchers have closed to new entrants, HMRC are reminding employers that help is at hand with Tax-Free Childcare, a government scheme to help working parents with the cost of childcare.
Eligible parents could get up to £2,000 per child, per year, to spend on qualifying childcare. For parents with 2 children, that could mean a saving of £4,000 on the family budget.
You don’t need to do anything, but telling your employees about Tax-Free Childcare could:
- help them with their childcare costs
- help their return to work
- help them work more hours, if they want to
- help you retain staff you’ve invested in.
For more information, tell your employees to visit www.childcarechoices.gov.uk/tfc2.