Fostering Allowance Earn up to £800 per week
At New Life Fostering we know that the main reason people foster is to make a difference, but it is important to also understand how the finances of fostering work to see whether fostering would suit your personal circumstances.
We believe that the financial package for fostering recognises and rewards the challenges that come with fostering; that’s why New Life Fostering uses a payment structure that recognises the skills, experience and expertise of foster carers to meet the needs of children and young people in our care.
The amount of allowance paid depends on the type of fostering you do with consideration to the age of a child and their individual needs. Foster Carers with New Life Fostering will receive a fostering fee of up to £800 per week although this will vary with the age and the needs of the child.
This allowance will normally cover things like food, clothing, transportation, pocket money, outings and personal household expenses etc. In addition, New Life Fostering offers generous bonuses and foster carers receive other benefits while fostering with us such as paid respite and membership with fostering network which has a long list of benefits that comes along.
Higher
Payments
New Life Fostering would also provide higher fostering fees for Foster Children and Young people that require more skilled support in terms of managing children or young people with enhanced or complex needs such as:
- Autism
- Disability
- Complex behaviours
- Parent and Child
Additional Fostering
Allowance
As well as your Fostering fee New Life Fostering offers additional allowances, some that are unique to us in comparison to other fostering providers. Allowances such as:
- Help towards the cost of celebrations for children, such as birthdays,
- Christmas and other festivals
- A loyalty and incentive bonus
- A referral bonus
Tax Relief
All Foster Carers are classed as self-employed, this means you will receive all payments with no deduction for national insurance or tax. It will be the carers responsibility to register as self- employed and file a tax return each year.
To find out more about self-assessment, please go to HMRC website or click this link.
The government has generous tax allowances in place for those who foster and this means that you will pay little or no tax.
Not only is there a £10,000 tax exemption on fostering allowance but there is also a weekly tax relief available of up to £250 per week for every week that you are caring for a foster child in your home and, in turn, claiming the fostering allowance or fostering fee.
Fostering Allowance Calculator
Foster carer
promotion
- Earn up to £800 per week
- A comprehensive training and support package
- Our support is 24/7 all year round
- Every carer becomes a member of our fostering family
- Recommend a friend referral bonus
Need to know more about foster payment:
Please get in touch if you need to know about payments and fostering or if you have a specific question about how the finances of fostering work.
West Midlands Office
Charter House, 848 Tyburn Road
Erdington, Birmingham, B24 9NT
Phone
0121 359 8811
