In June we mentioned the Tax Free Childcare Scheme which was due to replace Childcare Vouchers from October 2015. However it has just been announced that this will now be launched in early 2017. Therefore the Childcare Voucher scheme will continue.
The University has a Childcare Voucher Scheme, which is a tax-saving initiative for staff. The Childcare Voucher scheme can save you money on any kind of registered childcare including childminders, nannies, nurseries, breakfast and after school clubs, play schemes and summer camps, as well as the care element of boarding schools.
Childcare Vouchers are offered through a salary sacrifice scheme. This means that it is a voluntary benefit scheme, whereby you are allowed to nominate part of your monthly salary payment, in return for Childcare Voucher Credit. The amount you will save will depend on how much tax and national insurance you pay.
We advise that you make use of the Savings Calculator on the HMRC website to see exactly how much you will save, in addition to reading the frequently asked questions information sheet for some financial illustrations. The provider of our scheme with effect from 1 August 2015 will be Edenred, Edenred.co.uk. If you are currently registered with Sodexo you will already have received an email outlining what you need to do to move to Edenred and further information will follow by email. For further information please click here or contact Heather Clark, HR Adviser, Tel: +44 (0) 1224 273244.