Juggling work commitments with often complicated and expensive child care arrangements is a situation that all parents struggle with – especially during the pre-school years – and it is no exaggeration to say that it can be a exhausting combination.
The Institute of Economic Affairs claim that many UK families are spending a third of their net income on childcare, which is a similar amount to mortgage commitments each month. Latest figures show that the annual childcare spend for an average family is more than £11,000, with a full time nursery place in central London topping £15,000.
Parents would have been intrigued to learn that some assistance may be on its way following Philip Hammond’s announcement in his recent Spring Budget regarding a new £2,000 per child under 12 scheme, however, few details are currently available.
HMRC have launched a new website, Childcare Choices, which aims to assist parents find out what support they are entitled to – they can also register for the new Tax-Free Childcare and 30 hours free childcare scheme here https://www.tax.service.gov.uk/childcare-schemes-interest/welcome.