Straight-forward, accessible tax and benefits service for Foster Carers and their families.
We know that Foster Carers are a special type of self-employed taxpayer, and therefore we are well versed with all the exceptional expenses that come with it, so we can work with you to make the whole process straightforward – saving you time and money.
As well as our support, you’ll need in-depth knowledge of your foster child’s circumstances and needs in order to accurately calculate and claim any costs you might be eligble for.
How we can help…
- Self-assessment tax returns
- Personal Tax
- National Insurance
- Accounting
Friendly, Impartial, Informed
We understand that every couple’s circumstances are unique, and we will do our best to tailor our advice to yours.
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.
