What’s also annoying is that it’s nearly impossible to calculate the right amount to put into your pension to fall out of the trap, whilst still earning enough to pay the bills and to look after one’s family.
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You clearly have made the false assumption that someone on over £100k has made it in life and can somehow afford private education. The reality is quite different!
Well a nursery only gets £4.44 from the govt for a paid place which only went up 6p last year and nurseries reported their costs went up £1.05. The average nursery charge is £5.95. So if they were making a profit at £4.44 why do they need to charge £5.95?
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it's like other essential services nurse/fireman professions in cities - those running nurseries can't afford the cost of living where the demand is high - not sure if france subsidises nurseries in any way, too.
that 100K issue, as dlockers, has raised many times before is well known - so why the ifs are now putting click-bait twitter posts LOL aren't they independent.
Are you saying its impossible to afford a private nursery for a child whilst earning £100k?
You clearly dont earn £100k so you're not in any position to lecture us on the 'reality'.
Our nursery bill is ~£820 a month for 3 days a week for our 1 and 4 year old (4 year old gets the 30 free hours). It's a lot of money, but with a household income close to 90k it doesn't negatively effect our lifestyle given it gives us the opportunity to be earning money, progressing careers and the kids get more than just babysitting from it.
We were excited about the announcement until they stuck arbitrary start dates on it, but we happily committed to what we pay now. About a year ago our household was half what it is now and we happily paid it then too. But, given the chance, we'd get back £500 a month if our 1 year old qualified right now. It's a a big chunk of change for those working households becasue if you're pulling in 50k and paying more than the £475 a month a rent we do, childcare must be a devastating blow to your budgets.
We were excited about the announcement until they stuck arbitrary start dates on it, but we happily committed to what we pay now. About a year ago our household was half what it is now and we happily paid it then too. But, given the chance, we'd get back £500 a month if our 1 year old qualified right now. It's a a big chunk of change for those working households becasue if you're pulling in 50k and paying more than the £475 a month a rent we do, childcare must be a devastating blow to your budgets.
Why do I clearly not earn £100k?
I'm saying that once the bills are paid, there is a lot less left over per month than what you might think.
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As I said. Not always no. Some local schools are Ofsted rated Excellent, which aren't private, why send your child to a private school if the local school is perfect? Also, if you're in a grammar school catchment area, again why pay for private school?
And why would you not tap into your 15hrs regardless? Childcare providers are all different, but you don't necessarily go the highest price or lowest price, you go for what you can afford but more importantly to the provider that is going to provide the best care for your children, stimulate them the most, and has the environment and space that appeals to you.
I think I'm going to get stung with a tax bill this year. I've contributed 12% and even taken a cycle to work scheme "loan" - but I fear it might not be enough - we'll see....
Indeed.
What happens if you claim the 20% and free hours, and your adjusted net ends up over £100k? Do you just pay the tax man in the way of self assestment?
Because they have a high ratio of staff costs relative to other businesses. Its not unusual for the wage bill to be 70-80% of the total expenses, so they are very sensitive to the rise in NMW. This combined with the fixed income set by the Govt for the "free" hours means it can be difficult to balance the books. Also with babies the ratio is so low at 1-3, that they are generally a loss leader.
The rate at which nurseries are closing down currently is running at about twice the normal average
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Why do I clearly not earn £100k?
I'm saying that once the bills are paid, there is a lot less left over per month than what you might think.
Especially if your the sole earner or your other half doesn't earn a huge amount.
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I've checked my ANI and should be ok... but probably won't be until after my SA. Just need to hope they will accept my submission - I speak to the childcare services on a monthly basis.
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Bingo, she's on near as dammit £10k part time. In a job where her shift pattern and notice of shift pattern requires nurseries to be flexible, which they are not.
ANI?
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Adjusted net income. Sorry!
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So its not completely false..
Just because you wouldn't choose to pay privately for something you could get for free doesn't mean others hold the same view.
There are plenty of private nurseries, schools, dentists etc out there making money.
Why do I clearly not earn £100k?
I'm saying that once the bills are paid, there is a lot less left over per month than what you might think.
You dont think like a high earner.
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Yes but you said everyone earning over 100k does. Which is false.
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£475 on rent, do you live in a shed? It's ~£700 a month for a 2 bed flat down here in Torquay, close to £1000 for a 3 bed house!
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Sounds like a lose lose situation