Working families with children up to the age of 11 can save up to £500 on childcare costs every three months.
The number of families taking advantage of the UK Government’s Tax-Free Childcare scheme has increased by 24 per cent between March 2022 and March 2023, according to new figures released by HM Revenue and Customs . In March 2023, 477,000 families were supported by Tax-Free Childcare for 577,000 children, compared to 384,000 families and 458,000 children in March 2022.
Working families, with children up to the age of 11, or 16 if their child has a disability, can save up to £2,000 a year per child or £4,000 a year if their child is disabled. For every £8 paid into a Tax-Free Childcare account, families automatically receive an additional government top up of £2. The financial support is available to pay for approved childcare including holiday clubs, breakfast and after school clubs, childminders and nurseries. Last year, £533 million in UK Government cash was shared by families across the UK who saved money on their childcare bills.
“For eligible working parents, taking advantage of Tax-Free Childcare makes good financial sense. You can get up to £2,000 a year for each of your children who are aged between 0 to 11 years old to help with the costs of childcare. We would encourage all those who haven’t yet signed up to do so.”
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