Ladybird childcare vouchers for parents
As a parent juggling the demands of work and home, you'll know just how important it is to find affordable, reliable childcare. Ladybird Childcare Vouchers can help you do just that - so you can carry on working and have peace of mind that your child is being well cared for.
What are childcare vouchers?
They are a Tax and National Insurance efficient way of paying for registered childcare for children up to the age of 16.
Your employer will agree to you exchanging part of your pre-taxed salary for childcare vouchers, up to the value of £243 per month or £55 per week if you are paid weekly. (this is capped by the government).
This exchange is commonly referred to as a ‘salary sacrifice’
This, in a nutshell means you can pay £243 per month of your childcare fees out of money that has not already been subject to Tax and National Insurance like the rest of the net pay you receive.
For example, if you are a basic rate tax payer and you opt to ‘salary sacrifice’ £243 per month, your actual net pay will be lower by around £168 per month BUT you will receive a Childcare Voucher with a value of £243 = saving you £75 per month, or £99 per month if you are a higher rate tax payer.
Better still, if both partners are working and claiming Childcare Vouchers the savings are doubled. That saves you £150 per month for basic rate tax payers, or a maximum of £199 per month if you are both higher rate tax payers.
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