Fostering Calculator - Foster Allowances and Tax Relief
Welcome to our fostering pay and allowance calculator, this is the primary tool for potential foster carers to calculate how much they could earn while fostering a child/children with Swiis.
Calculating How Much You Could Earn as a Foster Carer with Swiis
The exact amount paid for a placement with Swiis is communicated to the foster carer for consideration prior to the placement commencing. The exact fees will vary depending on the Local Authority, age of the child/children, the number of children being cared for, the placement type and each child’s individual needs.
Types of foster care include short-term, long-term, parent and child, disability care, emergency/unplanned, and short break/respite.
Irrespective of the placement type, the fees paid to Swiis foster carers are amongst the highest in the UK.
How are Swiis Foster Carers Paid?
By using our fostering calculator, you will be able to see how much you could earn as a foster carer with Swiis.
Swiis foster carers are paid on a weekly basis, with the money being deposited directly into the foster carers bank account. The fostering allowance is paid as one payment, however. should be split into 2 parts. One part should be utilised for the needs of the child in your care, including food, clothing, educational needs, pocket money and savings. The remaining element of the payment is the foster carer fee for the fostering role. Swiis provide guidelines as to how the fee should be split, however as long as the child or young person receives everything they need, this is discretionary.
Tax Relief on Foster Carer Income
The UK government has recently introduced specialist and favourable income tax rules for foster carers. This means that the majority of the money you earn as a foster carer is completely tax-free.
In the Spring 2023 Budget, new changes were announced that significantly benefit all foster carers. Qualifying Care Relief is a tax benefit which allows foster carers to avoid paying tax on income they intend to use for the care of the children and young people in their care.
Foster carers are still considered self-employed and therefore need to complete a tax return for each tax year.
Call us today on 0333 577 1234 or fill out the form below to find out more about how much you could earn and the life-changing difference you could make to a child or young person.