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The new Tax-Free Childcare scheme is now half way through its roll-out period. The first round of applications began in April 2017 and by the end of the year all eligible parents can apply. Potentially annual childcare costs of up to £10,000 per child can be met by £8,000 of payments by the parents and £2,000 by the government. For a disabled child, the maximum top-up payments are £4,000.
This is the first childcare scheme providing a tax break for the self-employed. However not everyone qualifies, and the qualifying conditions also need to be satisfied by the spouse or partner of the claimant.
The government has launched a website – Childcare Choices – which guides parents through the various ways help is, or will be, available. Please see: www.childcarechoices.gov.uk. It clearly and interactively guides a potential claimant through the types of childcare support available.
Of course, the scheme is not just for the self-employed – employees potentially qualify. If you are an employer, it would be a good idea to point your employees in the direction of the Childcare Choices site.
A lot has happened in CK over the past couple of months…
In early 2017, a UK company warned its employees about suspicious emails and how to deal with them.
The government’s much-publicised plans for Making Tax Digital for Business (MTDfB) have taken a radical new direction, giving businesses longer to get ready for change.
There are new data protection rules in the pipeline, and they’re likely to get a lot more publicity in the months to come. The new initials to look out for are GDPR.
The new Tax-Free Childcare scheme is now half way through its roll-out period.
SMEs looking to raise finance have traditionally been tied to bank funding, but recently there have been significant changes.
An interesting tax case was heard before a First-tier Tribunal this year and has resulted in a victory for the taxpayer.
HMRC’s Making Tax Digital project is about to make inroads into the PAYE system.
Lifetime ISAs could be opened by individuals from April 2017 but it is only now that a reasonable number of providers exist. Are they the right thing for you, or if not you, your children?
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HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.
Up to eight more nuclear reactors could be delivered to existing sites as part of the UK's new energy strategy.
The Treasury has announced that it plans to recognise stablecoins as a valid form of payment as part of a wider government initiative to 'make Britain a global hub for cryptoasset technology and investment'.