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Self-employed childcare vouchers (part 2)

16/10/18 | Advice & Guidance, Business, Tax Advice

Tax Free Childcare Continued

Continuing our exploration of the new TFC scheme that’s available to self-employed people, we’re looking at whether you’re eligible. It’s never going to be as simple as paying £8 and receiving £2 on top – and rightly so. There are criteria that you’ll have to meet before being offered the help.

 

Tick boxes: Eligibility explained

As a self-employed person you actually have it a little easier to qualify for TFC than an employee – if you’ve started your business within the last 12 months, you don’t have to meet the minimum income threshold of £120 a week.

The child you’re claiming TFC for must be living with you most of the time too, and they have to be under the age of 11 or 17 if they’re disabled.

 

But is it friends with the other benefits I claim?

Unfortunately, you can’t claim for Tax Credits, Universal Credit, Childcare Vouchers and TFC at the same time. But if you’ve got access to Childcare Vouchers, you can still claim them – even after October 2018 if your employer still offers them. Check out the government’s calculator to see if you’re better off keeping your current benefits or applying for TFC.

For a full list of hoops and loops you’ve got to jump through to be entitled to TFC click here and don’t forget there’s also a handy childcare calculator here too.

 

Apply Now

If you’re better off claiming for TFC, then you can apply online here. You’ll just need your NI number, your unique tax payer reference and about 20 minutes of your time.

 

It never ends

We wouldn’t be called Sidekick if that’s where our helpful advice and guidance stopped for more business or tax advice and to be as efficient as possible get in touch and we’ll help you out!

 

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