Child care tax breaks for the self employed etc

[rswift]

I'm sure the answer is no ......

But our child care expenses are quite significant, I'm sure we are not alone ! I'm self employed (director 1 man LTD Company, my wife is self employed , sole trader.

Can we offset any of our child care costs against earnings ?

These are costs to one person/childminder as opposed to a nursery . Could I "employ" her through the company, or would I then end up with PAYE / NI issues......or is it simply not a tax deductible expense.

Thank you

[PurpleMoonlight]

You are not self employed, you are employed by a Ltd that you own.

Are you able to offer a childcare voucher scheme to yourself?

[Eric Mc]

The Child Care Voucher scheme was set up specifically to give employers and employees some Government help. However, it is being changed and I'm not up to speed yet on the new system - or even if it is in place yet.

[rswift]

Thanks Purple.

I realise I am a co. Director, but my wife is self employed.

I don't know anything about these vouchers, I'll have a look.

Thank you

[Eric Mc]

Are you up to speed on the new tax clawback rules regarding Child Benefit?

Have you spoken to your accountant about these various child related tax issues?

[rswift]

Hi Eric,

No it was an idle thought the other day after we forked out another £800 !

But we do have a good accountant, handily we both use the same one, so obviously next port of call. If just had a quick google, and it doe appear to be a changing system, from employer based vouchers to vouchers that can be used more universally.

Thanks

[Eric Mc]

And do you claim Child Benefit?

And if you do, do you need to be aware of the impact it has on your Self Assessment tax returns?

[sumo69]

Eric Mc said:

And do you claim Child Benefit?

And if you do, do you need to be aware of the impact it has on your Self Assessment tax returns?

Only an issue for those with (adjusted) personal income > £50k.

The new £2k a year childcare allowance isn't in place yet - I think its meant to start April 15.

David

[cptsideways]

Have you considered going down the aupair route as an alternative?

[Eric Mc]

sumo69 said:

Only an issue for those with (adjusted) personal income > £50k.

The new £2k a year childcare allowance isn't in place yet - I think its meant to start April 15.

David

I assumed everybody on PH - being powerfully built directors - would easily exceed the £50,000 limit