Foster care finance

Getting your finances in order doesn’t need to be as tricky as it sounds. Scroll down to learn more.

Here's everything you need to know

DID YOU KNOW?

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.

ALLOWANCES EXPLAINED

Foster care finances

Foster Carer finances don’t have to be complicated.

As a foster carer, you are classed as self-employed. Foster parents 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.