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
Financial Support 1
Foster Care Allowances UK
Financial Support 2
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.

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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.

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 simplest way to get more information is to request a callback or complete our enquiry form online. One of our advisors will get back to you and explain more.

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…

"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