Are you planning to get exempted from high maintenance cost of your child in a legal manner? You can avail the option of childcare vouchers. They have been regarded as the most appreciable and tax-free method of payment. This astounding scheme has been well known to benefit employed parents having children below the age of 16 years. However, under the new laws, the age limit is reduced to 12 years.
These vouchers have garnered popularity for being the easiest method of payment for day nurseries, holiday clubs, nannies along with breakfast and after-school clubs. In addition to paying taxes, parents should also shell out money towards NIC savings and for childcare vouchers – for their benefits
How the Childcare Voucher Program Benefits Parents?
It is true that the childcare voucher program has led to annual savings of parents having adolescent children and you may be keen on learning how this program benefits parents. Also, as a business owner, you should know that there are numerous benefits of opting for childcare vouchers.
Below are some highly alluring benefits of childcare vouchers that may pique your interest and you may wish to avail their benefits too. Come let us have a look:
- Dads may start claiming the voucher the moment baby is born – A mother cannot claim for vouchers for her child until she returns from her maternity leave. On the other hand, fathers may claim the soon as soon as the child is born. These vouchers have served to be an economical choice as they can be utilized to pay for day-care as well.
- Can be utilized for children up to 15 years old – There is a misconception among people that vouchers for day-care are meant for toddlers as well as babies. In reality, these vouchers may be utilized to pay for children up to 15 years. Cheer up! Moreover, in the case of disabled children, they can avail benefits up to the age of 16 years. Hence, you will be able to save money on breakfast as well as after-school clubs for older children as well.
- No need to spend the vouchers in the same month – It is great to hear that as long as the child is under 15 years old, these vouchers can be used. Additionally, there is no need to spend the vouchers immediately. You can save them for later as they are valid for some time.
- Your Employer Can Avail Tax Benefits -The newly introduced childcare voucher helps your employer to save on taxes as well. Though, the employers need to pay a nominal administration charge for operating the scheme; the fee will always be lesser than the amount that they pay via taxes to the NICs.
- No expiry date – Unlike other items, childcare vouchers are devoid of an expiry date. You may easily opt to save the money in your bank account for using in the future.
These are some astounding benefits in association with childcare vouchers that have attracted customers in hordes.
Additional Points in Association with Childcare Vouchers
Childcare vouchers have really proved to be extremely beneficial. But, do you know that the voucher needs to be duly registered? Yes, a childcare voucher may be utilized for paying the expenses for a child only if it has been registered by higher authority. Also, childcare vouchers can be used for paying for more than one type of childcare.
Vouchers may be utilized for paying bill for multiple providers like day nurseries, breakfast, child minders and after-school clubs. Isn’t it an interesting deal? Get ready to avail the vouchers for your own benefit and convenience!