Providing The Pensions Regulator (TPR) with False Information4th October 2018
Autumn 2018 Budget4th December 2018
Balance is a vital consideration in the lives that we lead in 2018. We try to eat the right things and treat ourselves once in a while; we try to learn things every day but sometimes we want to do something else; we attempt to exercise to complement our daily lives but need to relax. One aspect of our life that is always switching between balance and uncertainty is money.
Expenditures for a working family can be hard to keep up with and this can easily leave you with a struggle to pay for childcare while you work. At Jackson Accounts we believe it’s important that you assess every avenue of opportunity to reduce the pressure on your family each month.
Getting the money that you deserve as a working family
Sometimes these avenues will be right under your nose without knowing it, especially when it comes to childcare. For working parents across the UK, many don’t realise that they can claim and gain bonuses from the government for paid childcare depending on a range of pre-designed factors. As you can expect, those factors, rules and regulations can seem confusing. That’s why we have broken the opportunities down for you below. Here’s how you can get started to receive free childcare from the government:
- 15 hours of free childcare: Available for all families in England, this is a two-headed scheme. The only difference is the age range of your children. If you have children that are two, three or four years of age, you will get the chance to apply for 15 hours of free childcare or early education per week. This works by letting you choose a provider of care as long as you meet the criteria. It’s open to those who are already enlisted and receive benefits such as income support, Jobseekers Allowance (JSA), tax credits and others.
- 30 hours of free childcare: Designed for those families with children between the age of three and four, it’s main catch is that it is for parents who are each expected to earn at least £125 per week. If this works for you – you may still be applicable if you are earning less than this – your family can receive 38 weeks of free childcare encompassing 30 hours per week. You can spread this across different providers to help you with early education and standard childcare while you work.
- Tax-free childcare: If you have a child under the age of 12, you may be able to claim tax-free childcare from the government. This, again, has a list of restrictions but the government will pay in £2 for every £8 that your family do in tax.
- Tax credits and universal credits for childcare: These two are for parents with children under the age of 16. Something that you should have been told about if it suits your requirements, you can claim back the costs of childcare if you are a working family.
To weigh up the positive and negative aspects of the selection of childcare aids available from the government, it pays to speak with a bookkeeping and accountant team like ours at Jackson Accounts. Get in contact with us to discover more.