Financial information

Peace of mind regarding allowances and fees for Foster for Plymouth Foster Carers.

We know that very few of you decide to enter into fostering for the financial reward. But for many foster carers, fostering is their main source of income. The fees that are paid to Plymouth’s foster carers are designed to cover the costs of the foster children in their home and for there to be a reasonable reward element which contributes to the foster family’s daily needs and obligations. Festival/birthday/holiday allowances are paid separately on top of the child allowance.

This tax free amount is paid weekly directly into your bank account.

There are two elements which make up the total amount that you will receive:

1.

The allowance that relates solely to the child and is dependent on the child’s age.

2.

The reward payment which recognises the value and commitment that foster families bring to our service.

This element is also paid per child but increases dependent on the child’s age and individual needs.

Foster carers are classed as self-employed and receive favourable treatment from HMCTS when it comes to paying tax on income from fostering.

Our foster carers also gain membership to Foster Talk, which provides specialist advice and support on tax, pensions and other financial matters.

Fees and allowance structure for Plymouth’s Foster Carers:

We recognise that some children and young people have additional needs and for some children we provide an enhanced or solo reward element to meet these additional needs.

THERE ARE ENHANCED PAYMENTS AVAILABLE TO CARERS who look after children with additional needs.