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Childcare vouchers
Childcare vouchers are still a great way to save money on childcare costs and are a better option than the new tax-free childcare scheme for many parents.
With our employee benefits platform, your employees who currently use the childcare voucher scheme can continue to benefit from the scheme as existing applicants.
Benefits as flexible as your company
Following the Government’s introduction of the tax-free childcare scheme, the previous childcare voucher scheme was closed to new applications. The good news is, parents who were signed up to childcare vouchers can still continue to benefit from them or switch to the new scheme if they wish.
It’s worth remembering though that many parents will be better off sticking with the childcare voucher scheme. Here’s a reminder of the benefits of childcare vouchers for employees and employers:
Employee benefits
- Because childcare vouchers operate through a salary sacrifice arrangement, employees reduce the amount of tax and NI they pay
- Employees can save up to £933 per parent, per year, through reduced tax and NI contributions
- Both parents (if they’ve already signed up) can use the scheme to maximise on savings
- The scheme applies to both basic and higher rate tax-payers
- We provide a calculator tool so your employees can check out any tax and NI savings they could make
- Employees have complete flexibility to change their voucher order directly with Caboodle (subject to any rules set by you as the employer)
- Vouchers can be used to pay multiple carers
- Employees can keep their existing childcare provider as all registered carers can accept caboodle childcare vouchers
- Our easy to use platform lets your staff make ad hoc payments as needed or set up regular payments to carers either on line or by telephone
- All parents will have a secure online account to check their balance, view all historical transactions and request payments to their chosen carer/s.
Employer benefits
- Employers save money in employers’ NI, typically 13.8% on the value of childcare vouchers ordered
- There is minimal administration for you to worry about
- The scheme is financially secure – all childcare voucher funds are held in a bank administered trust account
- There’s no hidden costs.
Salary sacrifice scheme benefits
Salary sacrifice schemes are a great way for both employers and employees to save money on national insurance and for employees to make tax savings too. The different schemes have other benefits too for both employers and employees.
Here’s a bit more information on our salary sacrifice schemes.
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