Families urged to boost their back-to-school budget with £500 tax-free top-up every three months
dailyrecord.co.ukNow the new school term has started, HM Revenue and Customs (HMRC) is reminding families to open a Tax-Free Childcare account to save up to £2,000 per child on their annual childcare bills.
Families can use their Tax-Free Childcare account to pay for any approved childcare including holiday, breakfast and after school clubs, childminders and nurseries.
The scheme provides working families, with children up to the age of 11, or 16 if their child has a disability, up to £2,000 a year per child or £4,000 a year if their child is disabled - for every £8 paid into a Tax-Free Childcare account, families automatically receive the UK Government top-up of £2.
Families can save up to £500 every three months for each child or £1,000 if their child is disabled. The number of families taking advantage of the UK Government’s Tax-Free Childcare scheme has increased by 24 per cent between March 2022 and March 2023, according to new figures released by HMRC.
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