Advertisement

  • Published Date

    August 8, 2021
    This ad was originally published on this date and may contain an offer that is no longer valid. To learn more about this business and its most recent offers, click here.

Ad Text

PROMOTION Family planning Jo White at Kreston Reeves looks at whether it is ever too early to plan for the cost of raising a family ecent figures put the basie cost of raising a child in the UK (to the age of 18) at £71,61 for a couple and 197,62 for a single parent. To qualify you need to open an account - go to www.childcarecholces.gov.uk The scheme is open to those earning under E100k and at least E142 per week who can help the self-employed where income may fluctuate. Where grandparents or other family members wish to help with the cost of With additional costs this increases to are not receiving tax credits, universalcredit education, whether now or in the future, £152,747 and £185,413 respectively and or childcare vouchers. Your children must then a family trust may be beneficial. There are a number of tax advantages to setting up this type of structure which could allow income generated from any capital held in the trust with little or no tax, depending on the values involved and the number of children benefiting from the fund. It also allows for asset protection which may not be the case if capital for this purpose is beld personally. be aged 0-11 or 0-16 ifthey are disabled. You, family members or employers can contribute to the account and for every E8 paid in, the Government tops it up by £2. doesn't include other factors such as private education or expensive hobbies. And all this before the costs of university education, gap years or a helping hand to get on the property ladder. This means over the course of a year you It is clearly never too early to start to plan for the cost of raising a family or for future generations and grandparents who could recelve up to £2k per child. Payments over the E10k threshold do not receive the additional Government top up. All families in England regardless of might also want to consider helping their children and grandchildren with some of income receive 15 hours of free childcare these costs. or early years education for 38 weeks each Maximising the use of any ISA and year for children aged two, three and four and 30 hours if parents are working, subject to an income cap. Some childeare Junior ISA allowances can be useful for this purpose to ensure any income and Jo White is a Director of Tax Advisory at capital growth is received tax free. Another major cost for parents is the peoviders will allow these hours to be used over 52 weeks so speak to them to find a solution best for youu and your family. Kreston Reeves. Call us on 0330 124 1399 or email cost of childcare, if this autumn you have a child who will start nursery education or Other belp for working families in the UK with children under 16 or 17 if disabled jo.white@krestonreeves.com school, there is some help available. Childcare costs can't be offset against is avalable via tax credits and universal business expenses, but there is help for credits, again this is earnings based. both the self-employed and those in employment who can receive 20% of Online calculators can help you work out which is the best option KRESTON REEVES childcare costs from the Government. available for you and your family and Kreston Reeves has offices across Kent, London and Sussex. www.krestonreeves.com PROMOTION Family planning Jo White at Kreston Reeves looks at whether it is ever too early to plan for the cost of raising a family ecent figures put the basie cost of raising a child in the UK (to the age of 18) at £71,61 for a couple and 197,62 for a single parent. To qualify you need to open an account - go to www.childcarecholces.gov.uk The scheme is open to those earning under E100k and at least E142 per week who can help the self-employed where income may fluctuate. Where grandparents or other family members wish to help with the cost of With additional costs this increases to are not receiving tax credits, universalcredit education, whether now or in the future, £152,747 and £185,413 respectively and or childcare vouchers. Your children must then a family trust may be beneficial. There are a number of tax advantages to setting up this type of structure which could allow income generated from any capital held in the trust with little or no tax, depending on the values involved and the number of children benefiting from the fund. It also allows for asset protection which may not be the case if capital for this purpose is beld personally. be aged 0-11 or 0-16 ifthey are disabled. You, family members or employers can contribute to the account and for every E8 paid in, the Government tops it up by £2. doesn't include other factors such as private education or expensive hobbies. And all this before the costs of university education, gap years or a helping hand to get on the property ladder. This means over the course of a year you It is clearly never too early to start to plan for the cost of raising a family or for future generations and grandparents who could recelve up to £2k per child. Payments over the E10k threshold do not receive the additional Government top up. All families in England regardless of might also want to consider helping their children and grandchildren with some of income receive 15 hours of free childcare these costs. or early years education for 38 weeks each Maximising the use of any ISA and year for children aged two, three and four and 30 hours if parents are working, subject to an income cap. Some childeare Junior ISA allowances can be useful for this purpose to ensure any income and Jo White is a Director of Tax Advisory at capital growth is received tax free. Another major cost for parents is the peoviders will allow these hours to be used over 52 weeks so speak to them to find a solution best for youu and your family. Kreston Reeves. Call us on 0330 124 1399 or email cost of childcare, if this autumn you have a child who will start nursery education or Other belp for working families in the UK with children under 16 or 17 if disabled jo.white@krestonreeves.com school, there is some help available. Childcare costs can't be offset against is avalable via tax credits and universal business expenses, but there is help for credits, again this is earnings based. both the self-employed and those in employment who can receive 20% of Online calculators can help you work out which is the best option KRESTON REEVES childcare costs from the Government. available for you and your family and Kreston Reeves has offices across Kent, London and Sussex. www.krestonreeves.com