Straight-forward, accessible tax and benefits service for Foster Carers and their families.
The time you save by not having to worry about whether or not you are in compliance with your accounting duties is time that you can spend on other vital elements of your business.
Our Health & Social Care team offers specialised accounting and business guidance to a wide range of private, public, and non-profit health and social care organisations.
How we can help
- Personal Tax
- Foster Carer Tax
- Benefits Advice
- National Insurance
- Payroll
- Accounting
- Shared Lives Plus Helpline
Friendly, Impartial, Informed
When it comes to assisting you in achieving your business objectives, we adopt a holistic approach. We pay attention to what you need and go the extra mile to help you succeed as you provide care for those who need it.
If you’d like to speak to one of our specialist Foster Carer experts, please give us a call on 0121 828 6058 or email us at btax@bkplus.co.uk
FAQs
Do you have any questions about BK Plus and our services? You may be able to find the answer to your question by looking at some of our frequently asked questions on Foster Care…
Since the fostering allowance does not count towards your income, it has no impact on whether you qualify for child tax credits or any other means-tested benefits.
However, you may only claim child tax credits for your own children and not for any other children in your care.
In the UK, foster caregivers are eligible for tax-free income up to a certain limit, thanks to a £10,000 yearly tax allowance on fostering income and an extra weekly tax relief for each child in their care, together referred to as Qualifying Care Relief.
Whether or not you have to pay taxes depends on a variety of circumstances, including the number of children in your care, the sort of care they are receiving, whether or not you are receiving additional fees, and whether you have any other sources of income.
But in most cases, if you’re caring for one child and have no other sources of income, the Qualifying Care Relief will be more than the income received, and as a result you will not need to pay any tax.
Yes. No matter the sort of fostering you do or the amount of money you make from it, HMRC considers you to be self-employed and requires that you register yourself as such.
Yes. Even if your foster care income is exempt from tax under Qualifying Care Relief, you are still required to file a Self Assessment tax return each year that you are a registered foster care provider.
