Childcare – thousands of pounds remain unclaimed by parents
Published: 24 January 2009 By MoneyhighStreet Staff Leave a Comment
Good quality childcare can have a positive impact on a child’s development. However, as money worries increase with the UK now in recession, many parents are concerned about the costs of childcare.
Many parents are unaware of just how much they are entitled to claim to help them with their childcare costs.
Thousands of pounds remain unclaimed from the government.
Beverley Hughes, the Children’s Minister, said ‘In the current economic climate parents are increasingly concerned about the affordability of the childcare in their area.’
She added ‘We want to ensure that families across the country have access to affordable childcare and tax credits can help those families on low incomes, enabling all parents to give their the children the best start in life.’
All 3 and 4 year olds are currently entitled to at least 12.5 hours of early learning each week. By 2010 this will rise to at least 15 hours per week.
Up to 80% of childcare costs could be met through tax credits for parents working more than 16 hours a week. This could mean up to £140 back for parents with one child.
Anychild care activities delivered through school can be paid for using tax credits, including breakfast, after school groups and holiday clubs.
There’s also a childcare voucher scheme which is offered by some employees which allows childcare to be paid for out of pre-tax income.
More information on what financial help is available to help with childcare can be found on the government website.