Martin Lewis has warned that 800,000 families across the UK are missing out on the chance to get up to £2,000 a year to help pay for regulated childcare, which includes holiday clubs and other out-of-school activities.
The consumer champion explained how the Tax-Free Childcare scheme works on the latest edition of The Martin Lewis Money Show Live. He highlighted how the scheme provides eligible working families with up to £500 every three months, or £1,000 if their child is disabled, towards the cost of holiday clubs, before and after-school clubs, childminders and nurseries, and other approved childcare schemes.
For every 80p deposited into a Tax-Free Childcare online account, families will receive an additional 20p in UK Government top-ups, and it is available for children aged up to 11, or 17 if the child has a disability. Regarding eligibility for Tax-Free Childcare, Martin said: “To get this, you must be working an average of 16 hours or more per week - you can be self-employed - and if you’re a couple, you must both be working 16 hours or more.”
