Financial support for Foster Parents
Becoming a foster parent is a potentially life-changing decision and we believe foster parents should be financially stable in order to support the children they care for.
Our foster parents are paid for the work they do in transforming children’s lives, they receive a competitive fostering allowance and professional weekly fee which is based on the child’s age and care required. This financial package of support (fostering allowance) is paid to our foster parents on a fortnightly basis.
All foster parents are eligible for a generous tax exemption of £18,140 per year/per child. Additionally, foster parents are also entitled to a weekly tax allowance of between £200 – £250 per week dependent on the age of the child/young person.
Further guidance available through HMRC or Tax Specialists
All our foster parents receive a FREE Foster Talk membership
Foster parents are self-employed therefore you will need to complete a tax return to make sure you are paying the correct amount of National Insurance and Income Tax.
To find out more, visit the HMRC web site and complete a short course which outlines some useful tips:
HMRC Self Employment Course for Foster Parents
Foster Talk have reasonably priced service that will support you to complete a tax return.
If you are considering becoming a Foster Parent and you want to discuss if it is the right option for you, then do not hesitate to contact our friendly and knowledgeable team who will be able to talk you through the process and answer any questions or concerns you may have.
Get in Touch
Speak to our friendly and knowledgeable team for more information or to begin your journey to becoming a foster parent. Simply complete the form or give us a call and we’ll be in touch.