As we are getting stuck into the summer holiday season – and thoughts of staycations are looming large, it is worth remembering that HMRC has added a financial benefit.
HMRC recently reminded parents, carers and guardians that “a childcare top-up can go a long way towards helping parents plan and pay for summer activities to keep their kids happy and healthy”.
Essentially for every £8 deposited into a child’s account, each family will receive an additional £2 top-up from the government (capped at £500 every 3 months, or £1000 if the child is disabled.) There are eligibility criteria though, so do check these before you start moving money around and booking places!
Tax-free Childcare is also available for children aged up to 11, or 17 if the child has a disability. Parents can apply for an account at any time, but will need to be earning at least the National Minimum Wage for 16 hours a week on average. Account holders must confirm their details every 3 months to be able to continue receiving the top-up, and each child must have their own account.
Here at P. G. Fry & Company we’d like to take the opportunity to wish all our clients and friends a very happy and safe summer!