I can't work out this simple maths calculation

[ForMySorrow]

Posting in AIBU because of traffic, hope that's alright.

Can someone please help me work out if I'm better off keeping my current childcare vouchers or switching to tax free childcare government scheme? I'm so stressed with work, had a few personal issues over the last few weeks that have knocked me off my kilter and now I'm doubting my ability to do simple maths and make the better choice.

I earn (gross) 2,362.50 per month and receive £243 in vouchers. My childcare costs are £363 per month. So at the minute my take home pay is £1,651 after childcare vouchers/tax/NI/pension, and I pay the further £120 to childcare (so it then totals the £363). My "real" take home pay then that I have for other bills etc, after all childcare is £1,531.

If I had the tax-free childcare my gross pay less tax/NI/pension would be £1,827.11. I'd then put £290 (I think?) into the scheme, which will then top it up to £363. So my "real" take home pay after childcare in this case would be £1,537.11.

Can someone please check my maths? I think if I have to think about anything else today I may just have a breakdown.
Thank you thank you thank you!

I think your maths looks ok. Do the schemes affect your pension contribution? Or your employer's contribution? Just the difference you have posted is marginal so one scheme might have a bigger impact on your pension than the other.

Your maths is correct.
However aren't you better off remaining in the childcare voucher as at the moment the £243 is without deduction of tax/ni/pension. So the only net you will be paying is £120.

In the tax free childcare, although they will be topping it up for you, the £290 is the net amount.

I haven't tried to compute your maths because DS has destroyed my brain cells, however when we had to take this decision, the calculator on the gov.uk website was spot on

Martin Lewis has a better off calculator for this on the MSE website.

I can't work it out from what you said, but in the first example, have you taken into account the fact that £243 in CCVouchers for a normal rate tax payer is something like £170 off your actual net salary?

Hi all
Thanks for the reassurance
I'm not sure what impact it has on my pension contributions.. from memory I believe my contributions are lower because the vouchers reduce my gross pay, so cash wise in better off with them