Tax free childcare and funded hours
I’m so confused! Can someone explain how we benefit by using the tax free childcare?
My childminder has done the 15 funded hours so this month’s invoice is £951.
She says that the tax free is: parent pays £8 and government pays £2. So I don’t get 20% off anything? I really don’t get this part of the scheme. Help!
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Roz nailed it, you have to open an account and the money goes into there instead of directly to childminder, the gov gives 500 every 3 months into that account
@Roz this is exactly what I said to my childminder and she basically said no but she’s as confused as we are! So thank you for clarifying, in the end it is a good saving (between both funded hours and the tax free childcare)
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You need to open a tax free childcare account with the government. Then you pay into the account 760.80 the government should top that up to 951 (if my maths is correct) and then you use that account to pay your childminder. So you're getting 20% of the 951 bill off. You only get 2000 of the government per year 500 per quarter. Does this