If childcare is £560, how much help will I get?

[mama2moo]

Im looking to go back to work and do 24 hrs a week. I will be paying for 20hrs childcare a week that will cost around £560.

Any ideas how much of that will be paid for us via vouchers or does it differ for everyone?

Our joint income would be 35k a year.

What vouchers are these then?

I think you mean tax credits? I think the answer will be not much tbh

You can sacrifice up to £243 per month each, which means that you would have a joint income of £29168 before tax, plus £486 per month in childcare vouchers.

You wouldn't get any help at all through the childcare element of Working Tax Credits because you are way over the threshold.

If your employers offer childcare vouchers then you can each choose to get up to £243 of your gross salary in childcare vouchers. This means that you dont have to pay tax and NI on it.

I think the threshold for the childcare element of Working Tax Credits is in the region of £20k combined salary.

Thanks all. I know my employer offers the child care vouchers, will check about dps.

So what happens then? We have to pay £243 a month each for child care and then the rest is in vouchers? I really need to do my research on this!

You each can buy up to £243 of vouchers per month. This comes off your gross salary, so svaes you Tax and NI. You will then need to use the vouchers to pay for the childcare, and make up any shortfall.

Ah, thank you. I was under the impression you got more help then that.

Right, off to work out what evenings and weekend hours I can do.

Thanks all.

No, there's very little help on childcare costs for middle and higher earners. Sadly that puts lots of women who would like to work in the position where they can't afford to.