The Childcare Voucher Scheme is now closed to new entrants. The replacement scheme is called Tax-Free Childcare which is run directly by the Government rather than employers. For further information please visit https://www.gov.uk/tax-free-childcare
Existing members of the Childcare Voucher scheme are eligible to remain in the scheme up to the childs age of 15. You, however, cannot be in both schemes at the same time, this also means that you partner would not be able to sign up to Tax-Free Childcare if you are already in the Childcare Voucher scheme.
The childcare voucher scheme, provided by Edenred, operates by voluntary salary sacrifice where you can exchange part of your gross salary for Childcare Voucher Credit (up to £243 per month). Because the deduction is from gross salary, effectively you are using some of your tax and National Insurance contributions to meet your childcare costs.
If you were to take the full amount over the course of a year (£2,860), this represents minimum savings of £816. The maximum amount per month is £243 for basic rate tax payers, £124 for higher rate and £97 for additional rate, please email email@example.com if you are unsure which bracket you currently fall into.
Any changes to the amount of vouchers requested should be submitted through your online account, you can also leave the scheme this way. The minimum amount you can reduce your vouchers to is £10 per month. Please note that the deadline to request changes or join the scheme is the 13th of each month except for December when this is likely to be one week earlier (8th December in 2020).
If you have overpaid for childcare vouchers you may be able to get a refund (minus tax and National Insurance) of up to 3 months provided the refund relates to deductions taken in the current tax year. This is subject to a £10 + VAT fee. Please email firstname.lastname@example.org for further information.