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Chamber Childcare
Chamber Childcare is a convenient way for employers to help working parents save hundreds of pounds on their childcare costs, and save money on their own National Insurance Contributions.
This convenient service allows working parents to request childcare vouchers as part of their salaries, and use these as payment at any registered childcare provider. The huge benefit being that this amount is exempt for tax and National Insurance.
So, each working parent could save up to £1,196* per annum if they were to take out the maximum value voucher each month.
To participate in this scheme, employers do have to pay a 5% service charge on each voucher purchased. However this initial outlay is offset by the money that will be saved on National Insurance per employee, 7% to be precise. In real figures this means employers will be able to save over £150 in National Insurance contributions per employee each year.
You may be considering the administrative duties involved in participating in this scheme, but after the initial forms have been completed the scheme practically runs itself.
To reassure you, there are only 6 simple steps that need to be taken to introduce the scheme into your business and add to your employee benefit package and the chamber can help you along the way:
- You agree to let your staff to enjoy the savings
- Your employee completes some simple forms to sign up to the scheme
- one to confirm their contact details
- the other to confirm payment details
- Chamber Childcare sets up the salary payment arrangements with you
- The vouchers are then sent either to you to distribute or direct to your employees address
- These are then used in part or full payment for the childcare provided
- Chamber Childcare reimburses the childcare provider
This is simply an ideal opportunity for you to enhance your staff benefits whilst reducing your employment costs.
What are the benefits for working parents?
1. The Chamber Childcare vouchers can be redeemed for children up to the age of 15 at any registered childcare provider.
This includes childminders, nurseries, out of school clubs and nannies as long as they are a registered childcare provider. Simply find a childcare provider you are happy with and we will find out if they are registered for you.
2. Each voucher is valid for 12 months and can be used with more than one supplier
You have full control over when you use your childcare vouchers. You can save them throughout the year and use them all in one go over the summer holidays, or split them between day nursery for your youngest children and out of school clubs for your eldest.
3. The voucher amount is exempt for tax and National Insurance
Each working parent can save up to £1,196 per annum, based on the maximum value voucher which can be purchased.
Below are details of the savings to be had each year, based upon the monthly childcare vouchers which are available to you.
However, this scheme is not of benefit to all working parents. If you are in receipt of working tax credits, you may need to check how this may be affected. If you only receive the family element of the Child Tax Credits this will not be affected. You can do this quickly and easily by visiting the Inland Revenue’s website.
In general if your joint income is over £ 25 k per year we can help you save money.
4. Both parents can participate in the scheme
This is where both employers have signed up to the scheme, or both parents work for the same employer.
This scheme exists to help parents so why not find out how quickly you can start saving money by contacting your membership service executive on 0113 247 0000