Save Money on Trident Tuition Fees through Childcare Vouchers and Working Tax Credit
At Trident Tuition Centres we appreciate that parents want the best for their children and want to be able to benefit from the tuition services that we offer. However, we also appreciate that finding the money to fund this can be difficult, particularly in the current economic climate.
Therefore, we are pleased to announce that parents with children at Trident Tuition Centres can take advantage of savings on fees through Childcare Vouchers and Working Tax Credit.
Parents can also now effectively increase the number of hours of tuition that their child undertakes for the same amount of money allowing them to give their child that extra boost that keeps them at the top of their class.
Find out how below.
Help With Fees via Working Tax Credit
HM REVENUE & CUSTOMS PICTURE
As Trident Tuition Centres is Ofsted registered, parents who enrol their children onto programmes at Trident Tuition Centres may be able to obtain assistance with the costs under the Childcare Element of Working Tax Credit.
This means that subject to assessment by HM Revenue & Customs, parents may be able to get up to 70% off their fees reimbursed! This means our services can become accessible to those who might not previously been able to afford it and guarantees parents can give their children the best education possible without worrying about the financial implications.
For you to be eligible to receive the Childcare Element of Working Tax Credit should you enrol your child at Trident Tuition Centres, you need to be working 15 hours or more a week. If you a part of a couple, you both need to be working 16 hours or more a week. You can only claim childcare costs for any child up to the Saturday following following 1st September after their 15th Birthday.
The maximum amount of help you may receive is as follows:
Number of children weekly limit on costs percentage of costs you can get help with Maximum tax credits for childcare
One child £175 x 70% = £122.50
Two or more children £300 x 70% = £210
*3rd September 2013. For the latest figures, please refer to the HMRC website.
Please note that your dealings with Trident Tuition Centres remain the same. Fees must still be paid in advance to Trident Tuition Centres even if you are claiming or about to claim for Working Tax Credit. Reimbursement of fees must be sought from HMRC, not Trident Tuition Centres.
To make a claim for the Childcare Element of Working Tax Credit, please phone the HM Revenue & Customs Working Tax Credit Credit Helpline on 0845 300 3900 which is available from 08:00 – 20:00, seven days a week.
For further information, guidance and to ensure that you have the very latest information, please see http://www.hmrc.gov.uk
You may find leaflet WTCS (Working Tax Credit – Help with the costs of childcare: A guide explaining help with the costs of childcare for parents) particularly helpful. Click the following link to view: http://www.hmrc.gov.uk
Help with Fees Via Childcare Vouchers
CHILDCARE VOUCHERS PICTURE
Childcare Vouchers: a popular scheme which an increasing number of employers are adopting. This scheme works via salary sacrifice where an employer pays the employee partially in the form of Childcare Vouchers up to a value of £243 per month. These Vouchers are both tax and National Insurance free, thus greater in value then the cash equivalent, and can be used to pay for approved services. As Trident Tuition Centres if Ofsted registered, these vouchers can be used here.
It may be possible for you to save up to £933 per year as a basic rate taypayer and up to £623 (£1,225 if you joined the scheme on 5th April 2011 or before) per year as a higher rate taxpayer by using these Vouchers. Moreover, both parents can receive Childcare Vouchers from their respective employer to use towards tuition fees and therefore double the savings. The only requirement for you to take advantage of this scheme is that your child is aged 15 or under and that your employer is signed up to be a a part of it.
*correct as of 3rd September 2013
There are a wide range of these schemes currently running operated by a variety of different providers. We are currently registered to accept the Childcare Vouchers from Edenred, but will happily look into accepting vouchers from other providers too.