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Reply to: Childcare Vouchers
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Previously on "Childcare Vouchers"
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Hmm this raises a good point - I am a director (in fact the only one of myco) - so this seems to imply I can't get the vouchers unless I become an employee.......
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Originally posted by sunincome View PostIf I am the only employee of my Ltd company, can I qualify for the £55 per week. There are no other employees to prove that the scheme is open to everyone!?
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Childcare vouchers
If I am the only employee of my Ltd company, can I qualify for the £55 per week. There are no other employees to prove that the scheme is open to everyone!?
Leave a comment:
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Childcare Vouchers
I've been talking to my accountant about childcare vouchers, who initially said that it wasn't possible to take more than the actual cost of childcare, although eventually acknowledged that you are allowed to store up vouchers for future use (although not worth issuing more than £55 per week).
However, she has also tells me that her Inland Revenue contact says that 'Inland Revenue are increasingly looking into the provision of childcare vouchers to directors of companies. He recommended to try to stop such an attack for you to ensure you have a written employment contract with the company stating your salary as well as written documentation showing your salary sacrifice to receive childcare vouchers.'
This employment contract would force me to pay myself minimum wage and issue payslips. This therefore creates a PAYE and NIC charge, which will be more than the benefit of the vouchers.
Has anyone else had advice from their accountant along these lines? If not, I'm likely to take the risk and issue the vouchers myself. If I recall, the best way is to add them to salary (so salary is effectively £155 per week with £55 salary sacrifice to pay for the vouchers).
Any comments?
Regards,
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