30 Hours Free Childcare Now Available

Free Childcare

Working parents with children aged three & four years old can now claim 30 hours of free childcare each week.

The new scheme doubles the previous childcare entitlement of 15 hours free childcare and is funded for 38 weeks to coincide with school term time.

In total, an estimated 390,000 eligible working families can save on average of £5,000 per year on childcare costs under the plans.

Back To School Frenzy

Back To School Frenzy
Workers and kids have been going Back to School in England and Wales this month. Facebook has been filled to the brim with photos of little people in front of doors and fireplaces, dressed up in their new uniforms (which will be crumpled and covered in mud or paint by the end of the week!)

Could You Benefit From Changes To Inheritance Tax?

Changes To Inheritance Tax – Inheritance tax basics

Could You Benefit From Changes To Inheritance Tax?When a person dies, inheritance tax is payable if that person’s estate, consisting of money, property and possessions, is deemed to be valued at more than the nil-rate band.

Since 2009 the nil-rate band has been set at £325 000, with anything above this being taxed at a rate of 40%.

If, when you died, your estate was worth £500,000, the first £325,000 would be free from inheritance tax, but the remaining £175 000 would be liable for IHT tax at 40%. 

IHT can be reduced slightly to 36% on some of the assets, if the owner has left 10% or more to charity.

Any unused allowance could be transferred to a spouse or civil partner thus increasing the nil-rate band to £650,000 if the deceased did not use any of their own allowances (although this is very rare).

Read more in this article about ways to reduce your IHT liability.

Money Management March 2017

Money Management March 2017  report government measures that will distort childcare costs with a family earning the national average spends up to 1/3 of their net income on childcare costs, according to the IEA (Institute of Economic Affairs).

Money Management March 2017The government currently spends well over £7 billion a year on childcare benefits. The IEA claims that current government subsidies, such as the free hour’s entitlement, have distorted childcare prices & made childcare much more expensive. 

As well as pushing childcare prices up, the IEA believes that government interventions have significantly reduced parental choice & not produced an improvement in childcare quality.

Len Shackleton, editorial and research fellow at the Institute of Economic Affairs, said:

“Regulation has led to an excessive formalisation of childcare & preschool, which has not only pushed up the subsequent costs but paid scant attention to parental choices.

“Many families may not wish to partake in the structural form of preschool that the government requires as standard.”

Your Guide To Saving For Your Child’s Future

Taking the decision to start a family is a major turning point in life. Raising a child not only involves a great deal of responsibility but can have huge implications for your financial situation.

In fact, LV estimates that parents will spend an average of £231,843 on a child in the first 21 years of his or her life, up £2,500 from 2015.

Ensuring that you can cover the day-to-day costs is likely to take priority when you first start a family.

However, making sure that you safeguard your child’s financial future is equally important.

Long-term planning is key, and being aware of your financial options will put you in a much better position to help your child save for the future.

There are some different financial products you can use to your child’s advantage. Consider your priorities and your short and long-term goals when deciding on your strategy. Here are some things to consider when planning saving for your child’s future.

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