Can anyone explain tax free child care to me?
I’m aware I probably sound stupid so no judgement please 🤣 I just don’t understand it or what it’s for. I thought it was to reduce nursery fees but now I’m not sure. Is it just a separate account to pay your childcare fees from? Will it reduce my childcare costs at all?🙈
Thanks in advance from a very confused mama 🤣
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As Vivian said but the government will only contribute a maximum of £500 every rolling 3 months
Thank you both. I understand now. Every little helps I guess x
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Whatever you pay into the account, the government adds 20% on top. Example: Childcare bill: £120 You deposit: £100 Government top up: £20 You save £20 for every £100. (Whatever the invoice is, divide by 120, times 100. That’s the amount you should pay in, then government tops it up.) Hope this makes sense x