There are currently two main sources of financial help for working parents:
- The childcare element of Working Tax Credit
- Childcare Vouchers
The childcare element of Working Tax Credit is intended to help working parents on a low income with the costs of registered childcare. The amount of financial assistance you could receive will depend on your income, your childcare costs, the number of children you have and your family circumstances
Childcare Vouchers - You can use these to pay your childcare provider, who will claim the value of the voucher from the voucher company or from your employer, usually by direct payment into their bank account. Some employers administer the scheme themselves; others use a voucher company to run the scheme.
Universal Credit is a new (non-taxable) benefit which is due to be rolled-out in Wolverhampton from Monday 8th February 2016. It is designed to provide financial support to people of 'working age' with the cost of day-to-day living including rent and mortgage payments. When fully rolled-out Universal Credit will replace Income-based Jobseeker's Allowance, Income-related Employment and Support Allowance, Income Support, Child Tax Credit, Working Tax Credit, Housing Benefit and Child Tax Credit.
For further details and information on support for student parents, free childcare for 2, 3 & 4 year olds please click on the Money Matters button.