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Childcare vouchers - how do you work out how much they save you?

(5 Posts)
PuppyLoves Mon 27-Jul-09 14:34:58

How do you work out how much they save you and thus how much childcare is actually costing?

wasabipeanut Mon 27-Jul-09 14:37:03

I haved always seen it as the tax and NI you save on £243 which is the max monthly allowance. I would calculate tax and NI on that sum as approx £60 a month (and very approx) so for me that equates as a free day a month or two free days if there are 2 of you both claiming the allowance.

PortofinoLovesItUpTheOxoTower Mon 27-Jul-09 14:41:10

I'm not an expert but as these are Salary sacrifice you should also take into account anything else that is based on your salary percentage-wise, such as pension contributions, annual bonuses etc - which will end up lower.

PuppyLoves Mon 27-Jul-09 14:42:40

Thanks wasabipeanut smile

I am thinking of putting dd into a nursery when she is 2, which will allow me to work extra hours. I only need her to go PT a couple of times a week and I'm trying to work out how much it will cost but its so confusing.

Highlander Tue 28-Jul-09 12:06:37

You need to work out whether the loss of pension is worth it. We did the vouchers for a year and realised it was not worth it

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