Childcare .gov top up

[katiemongoose]

I’m really confused about the government top-up for childcare - if my childcare provider charges £700pcm, how much do I pay in monthly to get the full £500 top up for each 3 month period?

ATM I am putting in £560 which gives me 140 from .gov as top up. But that doesn’t make it up to the full 500 it says I’m eligible for…?

Maths makes me really anxious and I’m worried I’m not doing right, help!! I just want ti make sure I’m getting the maximum I should be - maybe I am?!

If you want to pay the exact amount each month this calculator will help

https://taxfreechildcarecalculator.com/

I usually put a set chunk in to build up a bit of extra in there. It’s up to you how much you need/will use. Is your childcare more or less than £10000 a year? You can get £2000 top up a year, maximum of £500 each quarter

Was about to link this

500 is the max you can claim but many won't claim this much as their childcare won't cost enough to claim it.

If 20% of fees amounts to, say £250 back, that's all you'll get.

Thanks for the link - childcare is £700 pcm so £8400 a year. So if I use the calculator it says I should put £560 in and gov tops up 140. But that makes it £420 for the period not £500.

But it says I’m entitled to 500…

I’m not sure of I’m just being really stupid - I’m an intelligent person but this kind of thing just sends unicorns dancing around in front of my eyes.

Ok so I’m doing it right then, and not missing out?

Yes, you're doing it right. You claim 20% back off the government, with a max of £500 paid out by them. Bur your childcare bill would have to be higher than yours is to qualify for the full £500.

No you are not missing out. You are entitled to 20% of your childcare fees up to a maximum of £500 over 3months. If 20% of your fees is less that £500 then you will get the amount calculated to be 20%. If 20% of your fees were more than £500 then you would get £500

ok Thanks everyone - much clearer than on their website! 🙄

If you withdraw the funds you loose the bonus