Juggling your own business and home life can be a struggle, especially when young children are involved. Paying for childcare alone is a costly expense and can sometimes affect whether or not you choose to work full-time. Are you struggling? Our Accountants Bolton can help to see if your eligible to claim child care to help you get back on track with your business.
Running a small business involves dedication, that’s why the government have launched a tax-free childcare scheme to help business owners and families pay for the cost of childcare.
The new initiative allows tax relief worth 20% to be used against childcare up to a total of £10,000. It is up to £2,000 per child and £4,000 for a disabled child.
You can create an online account to contribute money to pay for childcare. If you’re eligible the government will top up your account £2 for every £8 you pay into the account.
Nicola Roby, Director at CHW said: “This is a step in the right direction. Many business owners are keen to return to work, but the costs of childcare often makes it financially unviable for them to do so. This initiative should knock thousands of pounds off household bills for parents.”
Starting from September 2017, you can apply for 30 hours of free childcare, worth around £5,000 per child if you’re a working parent with a three or four year old child.
Tax-free childcare applies to all children aged under 12 (or up to 17 with disabilities), however if your business income exceeds £100,000, your options may be limited. To find out whether you are eligible, or if you’re looking for advice to manage your accounts speak with our Accountants Bolton.
Want to find out how we can help you and your business? Get in touch today and let's have a chat.