Childcare Scheme Savings Calculator

Monthly Gross Basic Pay:	£
Monthly HSBC Designated Nursery Cost:	£	(The amount you wish to pay by salary sacrifice to an HSBC designated nursery.)
Monthly Virtual Voucher Value:	£	(Max. tax free amount is £243 pm. Any more will be taken from net pay.)
Hours Per Week Worked:		(Do not include overtime.)

Maximum Monthly Salary Sacrifice:	£	(After checking that your hourly rate is above the national minimum wage.)
Estimated Monthly Saving:	£	Please note: This calculator provides an illustration only and as such all calculations are approximate.
Estimated Annual Saving:	£

How the Calculator works

The calculator presumes that you are a tax payer, aged 22 and over, with standard personal allowances contracted in for National Insurance. Actual savings will depend on your personal circumstances.

Current NMW Rates from 1 October 2007:

The main rate for workers aged 22 and over - £5.52 an hour, from £5.35
The development rate for 18-21 year olds - £4.60 an hour, from £4.45
The development rate for 16-17 years olds - £3.40 an hour, from £3.30

You should always take advice regarding the relative benefits of the scheme compared with your entitlement to Working Tax Credits and in particular to the Childcare Element. Call the Tax Credits helpline on 0845 300 3900 or check www.taxcredits.inlandrevenue.gov.uk

Important notice

The cut-off date for the return of your signed 'Change of Contract' letter is the 20th of the current month (M&S employees, 10th of the month) for entry into the Scheme in the following month.

The procedure is:-

You and your childcarer(s) complete the application forms and return them to kidsunlimited
kidsunlimited send the Change of Contract letter to you (3 copies)
You check the Change of Contract letter, obtain necessary signatures and return a signed copy to kidsunlimited in the envelope provided
kidsunlimited enrol you onto the Scheme upon receipt of your signed, 'Change of Contract' letter

This process takes a minimum of a week to complete. We will endeavour to enrol you onto the Scheme as quickly as possible, but we cannot guarantee that late applications will be processed by the date requested.

Download the example Change of employment contract letter

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