HMRC urges working families not to miss out on £500 tax-free boost every three months
dailyrecord.co.ukHM Revenue and Customs (HMRC) has announced that thousands of families in Scotland using their Tax-Free Childcare accounts to pay for childcare costs are benefiting from a UK Government top-up worth up to £500 every three months.
However, HMRC has warned there are thousands more missing out on the chance to save money on childcare and join the 18,500 families who did so by using the scheme in September 2021 and received a share of more than £35 million in UK-wide Government top-up payments - an increase of about 90,000 families compared to September 2020.
Tax-Free Childcare allows parents or carers who have children aged up to 11, or 17 if their child is disabled, to pay their childcare provider through the scheme, and receive a 20 per cent top-up on any money deposited.
For every £8 per child a parent or carer deposits, they will receive £2 in top-ups - up to the value of £500 every three months, or £1,000 if their child is disabled.Over the course of a year, the deposits amount to £2,000, or £4,000 for the care of a disabled child - the top-up is paid directly into the child’s account and is ready to use almost instantly.
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