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To find out the impact of Childcare Vouchers on tax credits, use HMRC's calculator:
Childcare vouchers and tax credits - better off calculator
The table below will give an indication of the annual savings available if you take the maximum amount of tax and NI exempt Childcare Vouchers:
|Basic rate (contracted out) 20% tax 10.6% NI
|Basic rate (contracted in) 20% tax 12% NI
|Higher rate category 40% tax 2% NI
As a guide if you earn above £45,391, you are likely to fall into the higher rate category. If you earn above £151,484, you are likely to fall into the additional rate category.