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…
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.
What will you get as a foster carer?
- Receive a generous fostering allowance for a young person or child in your care
- Be exempt from paying tax on this allowance
- There is a need for you to register as self-employed and pay NI contributions
- You may be entitled to Working Tax Credit also
It’s intended to cover all the needs of each foster child including food, clothing, travel, activities, savings and so on. We provide clear guidance on how you can best spend the money so that the child has a healthy, happy and balanced life.
Everyone’s fostering allowance is different, because it’s dependent on the type of care provided, for example if a child has complex needs then a different or higher level of allowance may be applicable. It also depends on the age of the children and what part of the UK you are fostering in.
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.
All foster carers must register as self-employed and pay National Insurance contributions.
More information regarding Self-Employed National Insurance is available on the Government website here.
Fostering counts as self-employment, so you may be entitled to Working Tax Credit and also Child Tax Credit if you have children of your own.
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.
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…