At your Nursery – Childcare Costs
Childcare costs vary considerably according to where you live, the type and amount of childcare you choose and your child’s age so it is important to know what you want and what you can realistically afford to pay per month.
Please contact your local Kaleidoscope manager for details of current fees.
High quality childcare is expensive but you may be eligible for financial help with childcare costs dependant on your circumstances.
Free places for 2, 3 and 4 year olds
Kaleidoscope offers a high standard of education comparable to that offered by school nurseries and Nursery Education Funding can be claimed by us on your behalf. Funding is available from the term after your child’s third birthday until the term of your child’s fifth birthday and could be worth up to 40% of childcare fees dependant on circumstances. Any funding awarded is divided into 12 equal payments which are deducted from monthly nursery fees. Funding is available for up to 15 hours per week up to a maximum of 6 hours per day. In some authorities, there may be help with nursery fees for 2 year olds, dependant on your circumstances. Contact your local Kaleidoscope manager for further information regarding funding.
Tax Credits
Nine out of ten families are eligible for financial help with childcare costs through tax credits. Dependant on your circumstances, families with children may be able to claim Child Tax Credit even if your family income is over £50 000 per year. Help is awarded on a sliding scale so the less you earn, the more you may be able to claim. If either you or your partner is working you may also be able to claim Working Tax Credits which include a childcare element to help families who are working and spending money on childcare. For more information on tax credits and to download a claim pack go to www.taxcredits.inlandrevenue.gov.uk.
Childcare Vouchers
If you are working, your employer may be able to help further by offering childcare vouchers through a salary sacrifice scheme. Both working parents can join this scheme but there is a limit to how much of your individual salary you can sacrifice. The amount you decide per month is paid to you in childcare vouchers that you can pay all or part of your childcare costs with. The vouchers do not attract any tax or national insurance so your gross salary will be reduced by the amount of vouchers you request and your tax and national insurance contributions will be recalculated based on this reduced gross salary, effectively saving you money. Kaleidoscope accepts all type of childcare vouchers for both nursery and KOOSH fees. For further information on this scheme go to www.daycaretrust.org.uk or contact your local Kaleidoscope manager.
