How much do I need to budget for a nanny?

[graysor]

I’m trying to work out if getting a nanny is a feasible option for us to look after 2 dc when I go back to work, as I’m struggling to put together a patchwork or childminders, nursery, holidays care etc for a 1 yo and a 4 yo.

The going rate for a nanny round here looks about £11-12/ per hour. And I would need 40 hours a week over 4 days.

How do I work out how much this would cost me, including all the employers on costs?

Thanks

Is that £11 -12 net or gross?

I work 42 hours a week and my gross income is £29,350 and I think my employers pay another 3 to 4k on employers n.i. and pension contributions.

I pay £12 net an hour (£15.50 or so gross) and I employ my nanny for 45 hours. It costs me about £2,300 a month in her wage plus about £1,000 a month in tax.

There used to be advice on website nannytax

Thanks, that’s really helpful. Unfortunately that’s not looking to be affordable for us .

Back to the drawing board then.

My Nanny doesn't cost anywhere near that. For comparison, mine is currently on £8 per hour, for 27 hours a week. My all in weekly cost is no more than £250. That is in NW England where Nannies aren't really in demand.

Roughly, £12 gross per hour, 40 hours per week, would cost employer around £27,800 plus payroll admin, activities and mileage. Basing this on 2019/20 tax year (as the employer minimum pension contribution is higher than it is right now). So £30,000+ would be a likely cost, depending on cost of activities and travel to those activities.

Our nanny is £9ph gross, she has her own child and would charge about £11 if she didn’t. That has made it affordable for us.

We have a nanny share, pay 15/hr gross between us so it makes it much more affordable. Could that be an option for you?