£1,200 childcare cost pledge

Families are to receive up to £1,200 a year towards childcare costs from 2015. The pledge will reportedly only apply to families in which both parents work and earn less than £150,000 a year. The Budget will be announced on Wednesday.

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Hopes childcare scheme will help self employed parents

The current position for tax relief for childcare costs is focused entirely on giving relief to employees, rather than the self employed who get no help at all from the tax system.

There is no tax relief for childcare costs incurred by the self employed.

– Anita Monteith, Tax Manager at ICAEW

It is believed that the new £1,200 scheme would allow the self employed to claim.

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