Allowances & Fees
Becoming a foster carer is one of the most rewarding and worthwhile things you can do, but the fact is that you need to be properly recompensed for the costs involved in caring for someone else’s child.
Financial Support We Provide...
For most children placed with you, the payment will be a minimum of £475 per child per week, rising to over £500 once you have completed your first year TSDS training.
This amount includes a ‘reward element’, and the rest is perceived to be a contribution towards the cost of running the household, and includes certain sums that should be spent directly on the child/ young person placed, eg clothing, savings, leisure activities and pocket money.
Sometimes there are items of expenditure which would normally fall outside what you as a foster carer would be expected to fund from the fee you receive.
This might include travel costs over a 20-mile radius of your home (for family contact, etc).
If such issues arise, additional finance will be negotiated between All4U Fostering and the placing authority.
If foster carers transfer to us from another agency, we are committed to following The Fostering Network Protocol.
As part of this process, finances in relation to the fee the local authority are charged and the fee a carer is paid will be discussed and agreed at a protocol meeting prior to transfer.
If a child/ young person presents particular challenges, the fee/ amount can be enhanced, and will be negotiated with individual local authorities by ALL4U Fostering, in the best interests of the child/ young person and foster carers, and particularly if the placing authority requests that the child/ young person is placed alone.
Foster carers are paid when there is a child/ young person living in the foster home. You, therefore, need to ensure you can manage financially during times when you do not have a placement.
As a foster carer, you will be classed as self-employed, so you will need to complete a tax return; and you will be responsible for your own National Insurance payments.
However, most foster carers pay little or no income tax, due to the government allowances specific to foster care.
Please don’t hesitate to contact us if you want to discuss any issues relating to finance – we will be happy to help.