Presentation on theme: "Imagine Co-operative Childcare Vouchers The Robert Gordon University."— Presentation transcript:
Imagine Co-operative Childcare Vouchers The Robert Gordon University
Agenda Who are Imagine…? What are Childcare Vouchers? The benefits and rules of the Voucher Scheme. How do I join? What about Tax Credits? Further Information. Questions.
Imagine – Background & Philosophy Part of Co-operative Movement – in existence since Imagine Co-operative Childcare established in The UKs first social enterprise Childcare Voucher scheme. Imagine adopts the ethics and principles of the Co- operative Group and apply them to the way it conducts its business.
What are Childcare Vouchers? A different way to pay for childcare. E-vouchers: You access your Childcare Vouchers by Internet and/or telephone. Children up to 15 (16 if special needs). Care must be registered. You can take up to £50 per week (£217/month). You pay no Tax or NI on Childcare Vouchers Widely accepted by Childcare Providers
So what is the benefit? EXAMPLE ONE: earn under £37,296 so pay 22% tax standard rate of NI 11% save £858 per year (£71.50 pcm) 22% tax plus 11% NI = 33% saving EXAMPLE TWO: earn under £ 37,296 so pay 22% tax opted out of SERPS – NI therefore 9.4% save £ per year (£68 pcm) 22% tax plus 9.4% NI = 31.4% saving EXAMPLE THREE: earn over £ 37,296 so pay 40% tax pay a rate of NI for Upper Earners of 1% save £1,066 per year (£88.83 pcm) 40% tax plus 1% NI = 41% saving
How do I join the scheme? Think about how much you spend per year on registered childcare. If it is over £2600, take the full amount. If lower, divide the annual total by 12 months to get the monthly amount you need. Ask your carer/s if they would be happy to take Childcare Vouchers. Ask your carer if they are a registered carer if you are not sure. Imagine cannot pay any unregistered childcare providers, and will check this. Complete an Amendment to Contract form and return to Jean Campbell by the 15 th of the month (or last working day before). You need to intend to take the same amount for a period of 12 months unless you have a lifestyle change. You can have a refund if you no longer need Childcare Vouchers.
What about Tax Credits? Tax Credits can pay for up to 80% of your childcare costs (Budget announcement 17/3/05). If you receive Tax Credits, check Childcare Vouchers are right for you. The only people who can advise are the Tax Credits Helpline - HR and Imagine cannot advise you on this. Tax Credits Helpline number is (please have your NI number when you call).
Full Information packs available from Jean Campbell: Jean Campbell Interim Lead HR Client Partner Robert Gordon University Scott Sutherland Building Schoolhill Aberdeen AB10 1FR Tel: (01224)