While fostering is about changing a child or young adult’s life for the better, we also understand the financial questions this can bring up. For many, looking after and developing children is what drives and fulfils them, and with this comes the question: Can fostering a child, given the level of foster carer pay, be a viable career choice?
The short answer is “yes”. Taking the time to develop and help a child or young adult who is in desperate need of nurturing and care comes with its own rewards. However it can also financially benefit you to get involved with fostering a child.
Being a foster carer is a respected and valued profession and as such we offer generous and competitive fostering allowances. These foster carer payments are designed to offer our carers a reward element AND also cover the cost of looking after a child or young person in your care.
To find out more about our generous foster carer pay allowances, please get in touch with us.
Turning to the practicalities, as a foster carer you will be classed as self-employed. Your earnings from foster carer payments will be subject to special tax arrangements which generally means you will pay extremely low, if any, tax on your fostering income. There is a fixed tax exemption of up to £10,000 per year and you may also be able to receive tax breaks on foster carer pay earnings over £10,000.
If you currently receive benefits, these may still be paid alongside your fostering payments.