If you are considering hiring a nanny to care for your children then there are a few important considerations about nanny tax which you need to take into account. Read on to find out more.
When it comes to hiring a nanny one of the most important considerations will be the expense. Whilst having a nanny may seem like the best solution to your childcare needs, if you cannot meet the monthly expense it is an option which quickly becomes invalid. You would be forgiven for initially thinking that the weekly expense quoted in most of the articles and advice you find about nanny hire represents the amount of money you need to budget for. In fact, most of the information out there discusses net wage and fails to mention that as the parent of the child you also have to pay tax on top of the usual quoted figure. So what do you need to know about this nanny tax?
What you need to pay When you hire a full-time nanny you will need to pay the following:
1. National Insurance Contributions
2. Income tax
3. An Employer’s National Insurance Contribution
When to pay – If your nanny is earning over 97 per week you have a legal obligation to...
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