Foster Carer finances don’t have to be complicated.
Foster carers are paid fortnightly in arrears. The amount you are paid is dependent on the type of placements you have. The weekly allowance is to cover the cost of looking after a child. On top of this, we pay you for your experience, time and skills. To find out more visit our ‘Fostering Allowance’ page.
As a foster carer, you are classed as self-employed. Foster carers have a specific tax scheme called a ‘Qualifying Care Relief’.
This scheme helps to calculate the household’s income to know whether they will need to pay contributions. HM Revenue and Customs have a Qualifying Care Relief for Carers section, which will help you.
At Anchor, we encourage you to get an accountant as they can help with your finances and taxes. The accountant we suggest and use is William Giles. To contact William Giles go to their website or call them on 01795 478044
For more help and guidance on foster care, finances visit The Fostering Network.