Is anyone please able to explain to me how these work? I cant work it out from the HMRC info!
It talks about £243 per month, but I assume this isnt cash in my wages!! I cant work out in real terms how this will help me!
I need it in simple terms lol
You can have up to £243 taken from your gross salary and put into a childcare voucher scheme, which can then be used to pay your nursery/childminder.
This money is then not liable to tax or NI since it's taken before those are calculated, so you can save up to about £900 in a year if you take the full amount.
Hope that makes a bit more sense?
I see, so you get taxed on a lower amount, so possibly about £75 a month better off. Thanks!
That's right If you claim any tax credits I think it can reduce them though.
Yep £75 ish a month better off here, each.
Everyone's explained it quite well I think! DD is right though, it can affect any tax credits you get