| Part of the reality of becoming a new mum is taking | | | | whether it's part of a salary sacrifice scheme |
| stock of your family's finances and working out how | | | | 2 Work out how your tax credits will be affected |
| you will cope financially. When you're considering | | | | 3 If your cash pay is affected, ask if your other |
| returning to work, how you will afford to pay for | | | | earnings-related payments will be affected (pension, |
| childcare and what kind of childcare you will choose | | | | overtime rates, pay rises etc.) |
| are important decisions. Many new parents will not be | | | | 4 If your cash pay is affected, ask will your |
| familiar with childcare vouchers, how they work and | | | | benefits-related payments be affected? (will your NI |
| how they can be used to pay for childcare. | | | | contributions to your State Pension be affected etc.) |
| The childcare voucher scheme is a national scheme | | | | 5 If your cash pay is affected, ask would any student |
| offered to parents and guardians through the | | | | loan repayments be affected? |
| government and participating employers to help with | | | | Childcare vouchers are redeemable to pay for |
| the cost of childcare. | | | | childcare and child minding ensuring that a parent's |
| Childcare vouchers are a financially beneficial way to | | | | return to work need not have a negative impact on |
| pay for childcare in the UK, because you don't pay tax | | | | their family finances. |
| or National Insurance on childcare vouchers to the | | | | Parents can also be assured when selecting a |
| value of £55 a week. This means that working | | | | childcare provider that they have undergone rigorous |
| parents can save as much as £1,195* a year by | | | | vetting procedures. Before childcare vouchers can be |
| paying for childcare with vouchers. The savings could | | | | used to pay providers the provider must be registered |
| be double, if both parents sign up for a childcare | | | | with an approved regulatory body and will need to |
| voucher scheme. | | | | meet the standards set out by that body. Ensuring only |
| The website Money for Mums has put together a | | | | registered providers can accept vouchers for |
| good check list of information on childcare vouchers [1]: | | | | payment offers additional peace of mind to mums |
| 1 Check whether your employer's childcare vouchers | | | | knowing that their child is being looked after in a safe |
| are a benefit that is paid on top of your normal pay or | | | | friendly environment. |