Can anyone answer some questions about childcare vouchers?

[Rosieposiepuddingandpie]

I have a new job. DD will go to nursery all year round, 2 days a week. She will get her 15hrs Government funding in January. Nursery will cost approx 38 weeks @ £20, 14 weeks @ £82. Average £37 a week.

My questions are: Is there a % limit on the amount of vouchers I can get? For some reason I have it in my head that you can only claim 75% of your childcare costs through vouchers but I can't find that on line?

Can I 'stock pile' vouchers? IE. if I claim £160 worth of vouchers a month, can I keep some aside to pay for the expensive weeks?

I hope that makes sense? Just trying to work out figures. Thank you!

There is a maximum amount per person you can claim - £243 a month I think. And yes, you can stockpile them

Not sure where you've got the 75% from - between me and my husband we pay 100% through childcare vouchers.

The most you can get (if I remember right) is around £220 a month - and it's then up to you how much of it you pay to who and when. If you don't use it, it get saved up, like a bank balance, so you can 'save' a bit of it each month to go towards future months - I think that's what you were asking? But you can't claim £160 in a month, and have the other £60 available for a later time - you only have whatever you claim - so if you want some leftover, claim more than £160.
Hope that helps :)

The % rules apply to tax credits. When you join the scheme affects how much you can get in childcare vouchers.

You can stockpile them in your voucher account but you can't stockpile the allowance from your pay. It's use it or lose it deductions-wise but the vouchers, once 'bought', will keep for years.

Fabulous! Thank you everyone.

Bumbolina I don't know where I got it from either! Glad it's wrong though.

Hi but justmtombe clear you also needi to look at the new scheme coming in - although the govt are promising it will benefit more people - those on CC v are likely to be worse off. Currently there is often flexibility in stockpiling them and they can be stockpiled during mat leave as well as,used for a,wide variety of childcare and extra curricular actives and you child can use them the age of 5 etc ... All that is going to change.

You mean tax free childcare? If you're on old scheme vouchers (£243pcm per parent rather than £110pcm) or both of you are getting them then it's not as interesting for 1 child but there will be things to smooth the transition and 2+ you're better off because it's a per child scheme (as long as they're under 5 when it comes in). AFAIK as long as you remain with the same employer you can get vouchers. Any vouchers you buy will remain valid. The actual t&cs of the vouchers won't be that different, it just seems to be the eligibility rules and when you can start claiming.

Anyway it's not being brought in until 2015 so plenty of time to claim vouchers now and then switch, but once TFC comes in you won't be able to start claiming vouchers so as presumably OP's DD is 3+ to get funding vouchers are the only realistic option and both parents should get them ASAP.

You'll still be able to use the vouchers the same way on registered childcare and, once eligible, extracurricular stuff too btw.

Yes, it's £243 per parent, which equates to around £155 a month saved if you both claim them.

And yes, you can stockpile them. and dont' forget that as an employee benefit, you can claim them throughout your maternity leave too, although I'm not sure if that's just subsequent mat leaves.

you can stockpile but be careful there's no expiry date - it's been a while since I used them but the company used had a 12 month limit within which they could be 'cashed'.

If you are not already in a childcare voucher scheme, the limit is not £243 per month, it is about half of this £124 per month. Some schemes do have expiry dates others don't. Mine (Edenred) does not and I currently have over £6,000 saved for a rainy day. My wife's provider (not sure which it is) has a 1 year expiry. Unfortunately you have no choice as the provider is chosen by your employer.

You can ask your employer to use the provider you want, but they might not agree.

The limit is £243 a month unless you are a higher rate tax payer and then it is £124 a month so depends on what you earn. As others have said you can stockpile (I intend whilst on mat leave) but do check with your provider as the expiry dates vary,