Hi All.
I have a potential client who is asking if child care vouchers can be processed through payroll but then accumulated until they are ready to spend them
My understanding is that typically there is no expiry date on vouchers and that vouchers can be saved up then eg used for school holidays.
If he is a potential client - is he testing your knowledge or trying to get some info for free - need to find a balance for being paid for your information/research. Hope you get the business.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I just found out that the client does not want to go through a voucher company to avoid admin fees and VAT. They want the deductions saved up paid directly to the childcare provider in due course.
Info so far is correct but making the deductions themselves seems rather excessive, especially given the amount of time and money involved in setting up your own salary sacrifice scheme!!! Employer seems to be quibbling about a relatively small amount of money as CCV providers typically charge between 6-8% for smaller firms (which having taken into account the 13.8% saving the employer is still quids in!).
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