We know that foster carers work hard and devote their time, expertise and love to those children who have not had the best start in life.
All carers receive a financial allowance to help with the cost of looking after their foster child.
- Household expenses
- Pocket money
- Bus or travel fares
- Birthdays, Christmas and other festival gifts.
As a foster carer, you will also receive a taxable income in recognition of your dedication. Foster carers don’t receive a Barnardo’s pension, so we advise you to arrange a private pension plan.
Foster carers benefit from a fixed tax exemption of up to £10,000 per year (less if you foster for a shorter period), so you don’t have to pay tax on the first £10,000 income (after expenses) you make from fostering.
On top of the £10,000 exemption, foster carers also get tax relief for every week that a child is in their care. This means you don’t have to pay tax on some of your earnings over £10,000. You can find more information on tax on the Gov.UK website
*All tax relief and exemption information sourced from the Gov.UK website.
Ready to change a child’s life? We believe you can foster, and so should you