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    August 8, 2021
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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 £71,611 for a couple and 197,62 for a single parent. you and your family and can help the selr- employed where income may fluctuate. Where grandparents or other family members wish to help with the cost of To qualify you need to open an account - go to www.childcarecholces.gov.uk The scheme is open to those earning under £100k and at least E142 per week With additional costs this increases to who are not receiving tax credits, education, whether now or in the future, £152,747 and £185,413 respectively and universal credit or childcare vouchers. then a family trust may be beneficial. There are a number of tax advantages to setting upthis type of structure which could alow 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 purposeis held personally. doesn't include other factors such as Your children must be aged 0-11 or 0-16if private education or expensive hobbies. And all this before the costs of university education, gap years or a helping hand to they are disabled. You, family members or employers can contribute to the account and for every 8 paid in, the Government tops i u get on the property ladder. up by £2. This means over the It is clearly never too early to start to plan for the cost of raising a family or for future generations and grandparents who course of a year you could receive up to E2k per child. Payments over the L10k threshold do not receive the additional might also want to consider helping their children and grandchildren with some of Government top up All families in England regardless of these costs. income receive 15 hours of free childeare or early years education for 38 weeks each year for children aged two, three and four and 30 hours if parents are working. Maximising the use of any ISA and 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 subject to an income cap. Some childcare providers will allow these hours to be used over 52 weeks so speak to them to find Kreston Reeves. cost of childcare, if this autumn you have Call us on 0330 124 1399 or email a child who will start nursery education or school, there is some help available. Childeare costs can't be offset against jo.white@krestonreeves.com a solution best for you and your family. Other help for working families in the UK with children under 16 or 17 if disabled business expenses, but there is help for is available via tax credits and universal both the self-employed and those in employment who can recelve 20% of credits, again this is carnings based. Online calculators can help you work KRESTON REEVES childcare costs from the Government. out which is the best option available for Kreston Reeves has offices in Brighton, Chichester, Horsham, Worthing, London and Kent. 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 £71,611 for a couple and 197,62 for a single parent. you and your family and can help the selr- employed where income may fluctuate. Where grandparents or other family members wish to help with the cost of To qualify you need to open an account - go to www.childcarecholces.gov.uk The scheme is open to those earning under £100k and at least E142 per week With additional costs this increases to who are not receiving tax credits, education, whether now or in the future, £152,747 and £185,413 respectively and universal credit or childcare vouchers. then a family trust may be beneficial. There are a number of tax advantages to setting upthis type of structure which could alow 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 purposeis held personally. doesn't include other factors such as Your children must be aged 0-11 or 0-16if private education or expensive hobbies. And all this before the costs of university education, gap years or a helping hand to they are disabled. You, family members or employers can contribute to the account and for every 8 paid in, the Government tops i u get on the property ladder. up by £2. This means over the It is clearly never too early to start to plan for the cost of raising a family or for future generations and grandparents who course of a year you could receive up to E2k per child. Payments over the L10k threshold do not receive the additional might also want to consider helping their children and grandchildren with some of Government top up All families in England regardless of these costs. income receive 15 hours of free childeare or early years education for 38 weeks each year for children aged two, three and four and 30 hours if parents are working. Maximising the use of any ISA and 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 subject to an income cap. Some childcare providers will allow these hours to be used over 52 weeks so speak to them to find Kreston Reeves. cost of childcare, if this autumn you have Call us on 0330 124 1399 or email a child who will start nursery education or school, there is some help available. Childeare costs can't be offset against jo.white@krestonreeves.com a solution best for you and your family. Other help for working families in the UK with children under 16 or 17 if disabled business expenses, but there is help for is available via tax credits and universal both the self-employed and those in employment who can recelve 20% of credits, again this is carnings based. Online calculators can help you work KRESTON REEVES childcare costs from the Government. out which is the best option available for Kreston Reeves has offices in Brighton, Chichester, Horsham, Worthing, London and Kent. www.krestonreeves.com