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An Independent Fostering Agency pays weekly foster care allowances and fee of approximately £400 for each foster child, less if siblings. The payment is often made depending on how complicate the care required is or the carer’s experience.
If someone wants to work from home who has an interest in looking after children and young people and they are looking for a job that will fit around their own family commitments, fostering can be the ideal solution.
All foster carers will have been assessed and legally approved by an agency or local council and they are paid foster care allowances and fees. Foster carers are seen by the Inland Revenue as self employed.
Taxable income is part of the assessment when calculating someone’s Child Tax Credit and Working Tax Credit which includes any income from other jobs and paid work.
The rules in place mean many UK foster carers pay no tax on the money profit they earn from fostering.
Foster care allowances which are given for tax relief:
The rules are different for income support (IS) and jobseeker’s allowance (JSA). In some cases a foster carer might be able to claim either Working Tax Credit or Income Support, Job Seeker’s Allowance or both.
Child Tax Credit
Foster carers are only entitled to claim Child Tax Credit for their own children, and for any other children for whom they are mainly responsible for provided they are not paid for looking after them.
Foster carers cannot claim CTC for children whom they foster whose accommodation and maintenance are paid for out of public funds.
Working Tax Credit
Foster carers are treated as self-employed, so if someone is working as a foster carer, s/he can claim WTC if s/he is working for at least: 16 hours per week if s/he is responsible for a child.
If someone does more than one job, the hours from the other work can be included. The Revenue says that the self-employed can include hours spent such as cleaning the business and keeping accounts.
Foster carers provide high quality care working in partnership with the local authority and Foster care Agency. Foster carers are expected to work with a range of professional and is now a full time career for thousands of Foster carers in the UK.
It is of paramount importance to choose the right fostering agency, there are over seven hundred in the UK. Simply Fostering, the UK national foster carer recruitment website provides help by answering questions and identifying the most suitable local fostering agencies with vacancies.
Fostering Agencies are looking for committed adults who can find room in their hearts and in their homes for children who cannot stay with their own family.
Here at Foster Care News, our hope is that by advertising the need and information such as about the assessment and allowances, for more foster carers we can encourage people to consider a career as a foster carer.
Families who foster share the belief that every child who needs it, must have the chance to feel cared for in a secure and loving family whilst their future is decided.
Here at Foster Care News you can find useful information about how to foster children, fostering allowances, short and long term fostering and how to find the right fostering agencies.
Use our free Foster Care News UK : Carer Enquiry – Fostering Agency Matching Service to find the best Fostering Agencies with vacancies where you live.
Want to know more about foster care? Take a look here: Foster Care News in the UK, on Twitter, Facebook and Google.