Child Care Vouchers Update

 In Accountancy

The government have confirmed the closure of Childcare Vouchers to new applicants from 4th October 2018.

Existing Scheme Members

To be recognised as an ‘existing scheme member’, vouchers must be credited into the account of the member prior to the 4th October 2018.

For those people who are still eligible after the closure of childcare vouchers to new entrants, all registered childcare providers can still accept childcare vouchers as a valid method of payment.

Existing scheme member parents can continue to enjoy the savings gained via Childcare Vouchers for as long as they remain with their employer, and their employer continues to offer the scheme.

However, if a parent changes employment through their own choice, they will no longer be classed as an ‘existing scheme member’ and ​under the new rules ​and will therefore not be eligible to join their new employer’s scheme​.

Child Care Amount

For parents who joined a scheme after 6 April 2011, the Government has capped the amount of childcare vouchers a taxpayer can request each month to £243 for a Basic rate tax-payer, £124 for a Higher rate taxpayer and £110 for an Additional rate taxpayer. The savings you make will depend upon on your personal circumstances.

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