Request a Quote

Request a Quote

Please complete the form below, we’d love to hear from you!

Bringing up baby

Arranging childcare can be a costly business but the Government has promised extra relief for working families. The new Tax-Free Childcare scheme, first announced last year, is to be introduced in Autumn 2015 and will be more generous than previously anticipated, giving working parents up to £2k per child per year towards their childcare costs. And it will be available to far more parents than the current Employer-Supported Childcare regime.

Based on a Government document published - oddly - the day before the Budget, the new regime will work as follows:

1. Parents will open an online account with the Government (the regime will be delivered by HMRC and National Savings and Investments working in partnership);

2. The parents (and possibly others, including employers) will pay funds into the account;

3. For every 80p deposited the Government will put in 20p up to a maximum of £2k per child per year; and

4. The family can then use the funds in the account to pay for qualifying childcare.

The new regime is expected to be in place from April 2015 at which point the current Employer-Supported Childcare regime will be closed to new entrants.

Tax-Free Childcare is aimed at working families and so controversially) both parents must be either employed or registered as self-employed with HMRC. Also, there will be a minimum income level (£50 per week) and a maximum income level (£150k per year). The children must be under 12 (or 17 if they are disabled)

All in all, this is good news for parents with more relief available to more families. Perhaps bringing up baby won't be so costly after all!

Next Event / Workshop

There are no upcoming events.

  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  We have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    GP Partner
    GP Practice, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We changed to BW Medical Accountants and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    GP Partner
    Cumbria

Newsletter Signup

Loading...