New legislation on childcare vouchers and tax free childcare

New legislation on childcare vouchers and tax free childcare

From 1 August 2015, the provider of our childcare savings scheme will change to Edenred. If you are already registered with Sodexo you will receive an email outlining what you need to do to move to Edenred.

The University’s Childcare Voucher Scheme is a tax-saving initiative for staff, allowing you to save money on any kind of registered childcare including childminders, nannies, nurseries, breakfast and after school clubs, play schemes and summer camps, as well as the care element of boarding schools.

Childcare vouchers are offered through a salary sacrifice scheme. It is a voluntary benefit scheme, whereby you can nominate part of your monthly salary payment, in return for childcare voucher credit. The amount you will save will depend on how much tax and national insurance you pay.

Use the savings calculator and FAQs on the HMRC website to see exactly how much you will save.

With effect from 1 October 2015 legislation is changing and childcare vouchers will be replaced by tax free childcare. If you are already in a voucher scheme you can continue with it, but if not you will not be able to join at a later date.

Further information can be obtained from HMRC website or on moneysavingexpert.com. Alternatively, please refer to StaffNet or contact Heather Clark, HR Adviser.

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