Finances for

fostering Codsall Wolverhampton

Typical annual income...

With Ikon Fostering the typical annual income for a foster carer can vary according to the number of placement, type of placement and experience of a carer.

The amount paid depends on a few things such as the type of care the child needs, and it is typically tax free.

Find out more below

Foster Care Walsall Wood West Midlands
Office 01922 618 790   Recruitment 07928 666121
Financial Support 3
Foster Care Allowances UK
Financial Support 4
Fostering Wolverhampton West Midlands

A Good Quality of Life

At Ikon Fostering we care about our foster carers and the children and young people they care for. As a foster carer with Ikon you will receive a good income of paid directly to you, most of which is tax free.

Office 01922 618 790   Recruitment 07928 666121

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What can you expect to get as a foster carer?

  • Industry leading fostering allowances for a young person or child in your care
  • Exemptions from paying tax on this allowance
  • You will need to register as self-employed and pay NI contributions
  • You may be entitled to tax credits too

You need to cover the costs of food, clothing, transport and activities out of payments made to you for children in placement, but most of all you will be providing care and support in your home to a child or young person at a vulnerable time in their lives.

Everyone’s fostering allowance is different; because it is dependent on the type of fostering placement & care provided, for example if a child has complex needs or a medical condition requiring extra support & expertise then a different or higher level of allowance may be applicable. The age of the children will also have an effect on the fees. 

In general, foster carers are exempt from paying tax on the fostering allowance. The exception would be if a foster carer with multiple placements or additional work gave an income above the current government threshold.

For tax purposes, foster carers are regarded as self-employed.

There is more detail information about this from the Government here.

Foster carers must register as self-employed & pay relevent National Insurance contributions.

More information regarding Self-Employed National Insurance can be found on the Government website here.

Fostering counts as self-employment, so you will be entitled to continue claiming for Working Tax Credit/ Universal credit and also Child Tax Credit if you have children of your own.

Check the Government website here regarding tax credits.

As far as being eligible for any other benefits simply get in touch with the DWP (Department of Work & Pensions) here.

As an Ikon Carer you will eligible for many one-off allowances on top of your weekly amount. These will include ones for festivals, birthdays, yearly allowances based on training completed, school equipment allowance…the list goes on. 

The easiest way to get more information about pay, is to request a callback or complete our enquiry form online. An Ikon Team Member will get back to you.

Office 01922 618 790   Recruitment 07928 666121

Start your fostering journey with Ikon Fostering

Dedicated and Supportive

We place young people and children with foster carers across the UK, including: Walsall, Dudley, Wolverhampton, Bilston, Aldridge, Lichfield, Tamworth, Telford, Birmingham, Coventry, Stafford, Warwick, Worcester, Brierley Hill, Stourbridge, the West Midlands, Staffordshire, Shropshire, surrounding areas and many other parts of the UK.

To find out more get in touch…

Office 01922 618 790   Recruitment 07928 666121
"Sincere and genuine. Very efficient and honest in my opinion. Makes it easier to do the demanding job that is fostering when you have people on your side that let you get on with it."
Fostering Agency Walsall
Alan Ranganathan
Foster Carer
"A very caring service with great staff. Nice family feel to the agency."
Fostering Agency West Midlands
George McCloud
Foster Carer
"Ikon Fostering were nothing but professional and polite people - Helped me with all my enquires about adoption and starting the adoption process especially with being a younger person of a single status. Very impressed and would recommend to anyone."
Fostering Service Walsall
Leonie Moore
Foster Carer & Parent