Whether you are looking at the costs of childcare for the first time or preparing for back to school, the spiralling cost of living is a concern for all parents and there are a few ways you can help to cut costs when it comes to hiring a nanny.
- Tax free childcare may be an option for you and we have a blog dedicated to this which you can find here.
- Nanny-sharing is increasingly popular and can really save money, it might not work for all families but is worth exploring and we wrote a blog outlining the benefits and things to consider, which you can find here.
- Hiring a nanny can be cheaper than the cost of a nursery if you have more than one child and the increase in energy bills is inevitably going to be reflected in higher nursery fees.
- You can also consider blending the childcare by reducing your nanny’s hours and using other available resources such as childcare pooling, grandparents or family members, local community resources and flexible working hours.
- Now that working from home is considered more acceptable, this can also reduce childcare hours required when taking into account the hours normally spent commuting.
- There are some great parent forums where money saving advice is shared amongst thrifty parents so if you have time to dive down those rabbit holes spend an evening or two doing some research.
- Finally and most importantly – ALWAYS remember to agree a Gross Pay Agreement when hiring a nanny, never go for a Net Pay Agreement – trust the payroll experts on this one, it really can save you money long-term!
Using NannyMatters to run your nanny’s payroll provides great value for money and a feeling of security that your payroll is compliant on all levels. If your nanny leaves and you hire a new nanny, this will not cost you extra, it is included in your annual fee. If your nanny becomes pregnant, your annual subscription also includes the management of your nanny’s Statutory Maternity Pay and NannyMatters will also apply for the funding from HMRC on your behalf. If your nanny is eligible for pension but chooses to opt-out, NannyMatters will complete the Declaration of Compliance to the Pension Regulator on your behalf without charge.
The NannyMatters team is always on hand with helpful advice so email or call us on 01275 464425 if you have anything you would like to discuss in more detail.