With Easter holidays over and May suddenly upon us, already we can see the Summer Holidays on the horizon. Whilst we all look forward to the sunshine, school holidays often come hand in hand with rising childcare costs.

Childcare can have massive impacts on your family's finances, but did you know that 2017 will see the introduction of a new tax free childcare scheme?

When planning ahead for the new financial year, this may be something for your family and employees to consider!

What is the new Tax Free Childcare Scheme?

Tax-Free Childcare is a new scheme that will offer working families 20% support towards childcare costs, from early 2017.

The scheme will be open to almost two million families in the UK.

Who is the Tax Free Childcare Scheme for?

For the first time, as well as being for full-time employees, it will cover you if you are self-employed, working part time, on maternity, paternity or adoption leave, or starting your own business.

The scheme will be available in Scotland, England, Wales, and Northern Ireland.

How will it operate?

This will operate through an online Childcare account, provided by National Savings & Investments (NS&I) and HMRC.

You will be able to pay childcare costs into this account and the Government will add their contribution.

The accounts will involve no fees and will allow you to build up credit for those crucial times when you need it, for example during the summer holidays!

Our consultants at Clearwater Brookes are up to date on all new legislation. To discuss how we can advise on your business needs call 0141 582 1474 or email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it