How Much Do You Get For Fostering A Child?
Ever thought about fostering? This could give a home to vulnerable children or young people when they need it the most. Foster care is all about giving such children a safe, secure place to live for a few weeks or months or even years and on a permanent basis. Today, fostering is considered to be so important as it can help a child through a difficult time. Your love, support, and attention can make a huge difference to their life along with yours.
Fostering A Child
If you are planning to become a foster parent, you won’t be alone in your journey as the best foster agencies will give you all the specialist support and information you need. As both- foster children and parents get emotional support, but at the same time, we must not forget that they both can have financial support as well to shape up a great life ahead. For great growth and development, money is necessary and that is why the carers will get paid for fostering a child. If you want to become a foster parent, never shy to ask about pay and allowances as this is very important.
Why do foster carers get paid?
Sometimes, foster carers give up their jobs to care the foster children, hence the foster care pay they receive is vital to support them and their household. Also, this money is all about their hard work, care, love, attention, and for sharing their homes with such less privileged children. With these allowances or pay, the carers will fulfil the requirements of a child for their better future, hence it will be wrong to say that money is a prime motivation for people to become foster carers.
How much do foster carers get paid?
If you’re considering going into paid foster care, this section will let you know about pay, allowances, and taxes. Once you are approved to become a foster parent, you will get paid for your foster care services. You will receive foster care pay or fostering allowance, which can be approx £20,000 a year. No matter what kind of foster placement you are dealing with, the income you will receive will be tax-free and will not affect the benefits you’re currently receiving.
Being a foster parent, you will be considered self-employed professionals, hence are eligible to claim for income tax relief benefits. That means, the foster parents with a single placement will not be required to pay any tax on any money received for that placement in a year, but foster parents with two or more foster children will need to pay a small amount of tax.