Quality Foster Care offer a comprehensive and straight forward fostering allowance payment to our Foster Carers for every child that is placed in their care.
The fostering allowance payment is divided in to two parts:-
The first part is the fostering allowance which is paid to reward you for the care provided to the children you look after, your time, skills and knowledge.
The second part is the Child’s allowances that cover usual expenses such as pocket money, clothing etc.
The Agency review these Fostering Allowances Annually and our Foster Carers received an increase to their allowances in April 2018.
As a carer for our agency depending on the young person’s needs, your skills and with close consideration of your family, you will receive a weekly allowance from £419 to that of up to £628.
Other financial incentives:
In addition to your weekly allowances, the Agency provide 14 days per year paid respite, this is offered to finance holidays and short term breaks.
The Agency arrange at their cost, days out throughout the year as well as days for the Children, including your birth children. Our Foster Carers are also invited!
Training is of the highest quality and provided locally in Benfleet, Essex, lunch is provided of course! Parking is also available free.
Loyalty payments, and yearly bonuses are also some of the benefits with Quality Foster Care.
We understand that household finance needs to be considered when choosing to care for children full time, some Foster Carers are able to work as well as foster, this would depend on the needs of the child and how flexible your employment is aside from fostering.
Please contact us with any queries you may have we would be more than happy to discuss with you, our Agency Chartered Accountant is also available for advice should you require.
A Foster Carer allowance is viewed as a self-employed income for tax purposes and the HMRC look favourably on Foster Carers in regards to tax liability.
On top of the £10,000 exemption, you also get tax relief for every week (or part week) that a child is in your care. This means you don’t have to pay tax on some of your earnings over £10,000.
L is a foster carer for a 14-year-old for the whole of the year and for an 8-year-old for 10 weeks of the year. She doesn’t have to pay tax on the first £25,000 she earns:
Tax exemption = £10,000
Child 1 (52 x £250) = £13,000
Child 2 (10 x £200) = £2,000
Total = £25,000