Childcare Voucher Calculations

[Charlotteee]

I'm trying to work out if my calculations are correct, and as I work in accounts this should be really simple but I'm really struggling!!

Nursery charges £144 a week for childcare, then the minus of 15 hours early years funding which they charge £4 an hour so I work that out as minus £60.

So that's £84 a week - which I get to be £364 a month.

Then we also will be doing the childcare vouchers so for £243 worth of vouchers it will cost us £165 i've been told.

So then I've done the £78 difference off the £364 which means we will only be paying out £286 a month??

Is that right?? x

 

[LoveCakes]

Nursery charges £144 a week for childcare, then the minus of 15 hours early years funding which they charge £4 an hour so I work that out as minus £60.

So that's £84 a week - which I get to be £364 a month.

Then we also will be doing the childcare vouchers so for £243 worth of vouchers it will cost us £165 i've been told.

So then I've done the £78 difference off the £364 which means we will only be paying out £286 a month??

Is that right?? x

I think you may be getting confused working it out in weeks and months. If you work it out in weeks You miss 4 weeks.

If you do it in months to suit the vouchers and average it:
£144 per week is £624 per month
£60 free per week is £260 per month.

As above total the nursery will charge for is £364
Childcare vouchers per month are £243

So total left you need to pay cash each month is £121.

Where did the £165 and £78 come from?

£243 before tax at 20% basically means you get £49 more than if you took it out of your take home pay.

Does that help, I'm confused myself now!

Also don't forget your partner can get them too if their work run a scheme

 

[Charlotteee]

Its before tax and NI so it's more than 20% xx

 

[RaspberryK]

Don't forget it isn't actually 15 hours per week, it's 15 per week term time or works out between 11 & 12 over 52 weeks.
X

 

[Charlotteee]

His nursery completely shuts at half terms anyway so I don't have to pay any extra as they pro-rata the costs.

I've sat down with a friend who works in HR now anyway so the figures make sense in my head now.

Thanks xxxx