HMRC has issued an important message to working families over a £500 tax-free cash boost
HMRC have reminded working families that they could miss out on a tax-free cash boost if they don't act now. They have issued an important message to working families over a £500 tax-free cash boost.
Tax-Free Childcare is a government scheme designed to support working parents with their childcare expenses. Through Tax-Free Childcare, eligible families and carers can receive up to £500 every three months per child , or £1,000 every three months if their child is disabled, to put towards the cost of childcare and it is available for children aged up to 11 - or 17 if the child has a disability.
How does it work? The UK Government will pay 20 per cent of childcare costs by topping up the money paid into a Tax-Free Childcare account. This means for every £8 paid into the online account, families will automatically receive an additional £2 top-up. Money can be deposited at any time and used when needed and any unused money can be withdrawn at any time. During the school summer holidays, it is more important than ever that parents and carers are able to access the financial aid they qualify for as it can reduce outgoing costs, help them to stay in work, or allow them to work more hours.
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