MARTIN Lewis’ MoneySavingExpert is urging parents not to miss out on thousands of pounds of tax-free childcare.
The scheme essentially works like a savings account where for every £8 you save towards childcare costs, the government tops up an extra £2.But MoneySavingExpert estimates fewer than one in five of the 1.3 million families eligible for tax-free childcare aren’t taking advantage of the scheme.CHILDCARE can be a costly business but here is how you can get help:Parents of three and four-year-olds can apply for 30 hours free childcare a week.
The consumer website also reminded parents that to get the full £2,000 per child, you need to reconfirm your eligibility four times a year to keep your account active.Writing its weekly newsletter today,said: “With schools in England set to reopen next week, parents who use school-based childcare can start using the Tax-Free Childcare scheme for these again.
Working parents need to earn at least the minimum wage, for the equivalent of 16 hours a week, to be eligible for tax-free childcare.Self-employed workers are also eligible, providing they earn this amount too.
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