- Cheshire Childcare Vouchers the smart way to save tax and national insurance -spacer
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Cheshire Childcare Vouchers Childcare Vouchers for Parents Childcare Vouchers for Employers Childcare Vouchers for Carers
childcare vouchers for parents savings
use the money saved by not paying tax and NI to go on holiday...
Cheshire childcare vouchers
  
savings

see how much you could save in tax and NI each year by using the v-payplan

Working families could save up to £1866 a year on their childcare costs — simply by joining the v-payplan

how much can you save?

Savings arise from substituting part of your gross salary – up to £243 per month with childcare vouchers. Taking this from your gross salary means that this amount is deducted before tax or national insurance is applied.

Voucher amounts claimed per month and therefore savings vary by tax bracket. A 20% tax payer saves £933 a year, a 40% tax payer saves £625 and those paying 50% tax will save £605 per year.

Using the v-payplan, the table below shows typical annual savings realised for both employee and employer.

you pay tax at

you can claim monthly/annually

you save annually
your employer saves annually
20%
£243/£2916
£933
£402
40%
£124/£1484
£625
£205
50%
£97/£1166
£605
£161

employer savings

The scheme is cost neutral for employers. By making childcare vouchers available to all employees, your employer will save by not paying Employers NI contributions on the voucher amounts claimed. These savings far outweigh the costs of implementing and running the scheme.







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