I'm considering switching from childcare vouchers to the new tax free childcare scheme.
Does anyone know when exactly it will be available? Which month?
Also, am I interpreting it correctly? My childcare costs are approx £300 per month all-year-round. To get to that amount, I'd have to contribute £240 monthly and the govt would add £60, is that correct?
For every 80p you or someone else pays in, the government will top up an extra 20p. This is equivalent of the tax most people pay - 20% - which gives the scheme its name, ‘tax-free’. The government will top up the account with 20% of childcare costs up to a total of £10,000 - the equivalent of up to £2,000 support per child per year.