As children in Scotland returned to school last week, HMRC is reminding parents that they can apply for Tax-Free Childcare to help with childcare costs.
In order to access this money, families simply need to pay money into their Tax-Free Childcare account, and for every £8 deposited, the government immediately tops up the payment with an additional £2. Working parents, including self-employed individuals, are eligible for the scheme, as long as their earnings are between the minimum wage and £100,000 per year. To be eligible they must have children aged between 0 and 11 years old. Families with a disabled child aged between 0 and 17 years old, can receive up to £4,000 in financial support from the government each year.
HMRC wanted to remind parents who either may not be aware of the scheme, or may have simply forgotten to claim due to the extended period of time that their children have been out of school. It is estimated that approximately 110,000 families in Scotland are eligible for Tax-Free Childcare.
For more information please go to https://www.childcarechoices.gov.uk/
The calculator on the webpage will help assess which childcare options are best for you and your individual circumstances
Information Source: CIPP