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Over 405,420 Families Saved On Childcare Costs With Tax-Free Childcare.

Chesta Singh
By Chesta Singh
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Over 405,420 Families Saved On Childcare Costs With Tax-Free Childcare.
Source: Gov[Dot]UK

Estimated reading time: 2 minutes

In December 2022, over 405,000 families in the UK saved on childcare costs thanks to Tax-Free Childcare, a financial support system for working families with children up to the age of 11, or 16 if their child has a disability. The latest figures released by HM Revenue and Customs (HMRC) also revealed that the government provided £41.5 million in top-up payments to working families across the country.

The scheme allows families to save up to £2,000 a year per child, or £4,000 for disabled children, on any approved childcare expenses, including holiday clubs, childminders, nurseries, breakfast, and after-school clubs. Families can open a Tax-Free Childcare account at any time of the year, and the registration process is quick and easy.

For every £8 paid into the Tax-Free Childcare account, families receive an additional £2 from the government. Families can save up to £500 every three months, which equates to £2,000 a year for each child, or £1,000 for disabled children.

More than one million families in the UK are entitled to some form of government childcare support, and the government is urging eligible families not to miss out on their entitlements. Families can find out more about Tax-Free Childcare and other government childcare support programs on the Childcare Choices website.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said, “We want to help families get the most out of their finances, and Tax-Free Childcare can help pay towards their childcare costs. Search ‘Tax-Free Childcare’ on GOV.UK to get started.”

The government is also offering other forms of cost-of-living support, including help with childcare costs. Families can check GOV.UK to find out more about these programs and to ensure they are receiving all the support they are entitled to.

The increase in the number of families using Tax-Free Childcare and the number of top-up payments provided by the government in December 2022 highlights the scheme’s importance in helping families save on childcare costs. With the scheme’s ease of use and the government’s commitment to providing financial support for working families, eligible families should consider enrolling in Tax-Free Childcare to help with their childcare expenses.

Source: Gov[Dot]UK

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