Tax Free Childcare
Parents and Carers are able to pay their fees using the government’s Tax Free Childcare Scheme. Once parents have set up a TFC account, they are able to pay money into the account (up to £8000 per year) and benefit from a government top-up of 20%, up to £2000 per year.
A TFC account works a little like a personal savings account. Once the parent’s money and the government’s top-up are in the account, the money can then be transferred to the nursery’s bank account to pay fees.
For information about how Tax Free Childcare accounts work, and how to set one up, please visit the web site below.
https://www.childcarechoices.gov.uk/how-to-use-tax-free-childcare/
The notes below can be helpful to be aware of:
• A TFC account belongs to the parents and they are responsible to transferring the money each month to the nursery.
• The nursery has no access to your account and we cannot debit money from it ourselves.
• Money paid to the nursery from the account can only be transferred back into to the same account, if you overpay.
• It is the parent’s responsibility to pay their monthly invoices on time. When paying their fees, parents should build-in time for delays due to the Tax Free Childcare system.
Commercially marketed workplace nursery schemes
Willow Cottage is approached from time to time by parents with invitations to join workplace nursery schemes. We understand that joining such as scheme would be advantageous and therefore we do not take such requests lightly.
Unfortunately, we are unable to meaningfully meet the obligations required by HMRC for such an arrangement. Therefore, it is our policy not to participate in these schemes at this time.
There are a number of companies who operate such workplace nursery schemes, these include: Enjoy Benefits, GoGeta, Workplace Nursery and Yellow Nest.
https://www.ft.com/content/3ed097dc-4ddf-4864-a31e-0c90cbe3165c
