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Post Info TOPIC: Foster care relief
Artois


Guru

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Foster care relief
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Hi all

I was just seeking some advice on Foster care relief, I have a client who is self-employed Sole trader and is looking to foster a child am I correct in my understanding that the £10k allowance is tax free and this will not affect their own personal allowance

Any help would be great

Cheers



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Cheshire


Master Book-keeper

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Hi Doug
I seem to recall this question arising before, albeit I might be imagining that one and if it was it wouldve been from about 4-5 years ago.

Yes is the short answer. They can actually get a fixed tax exemption and tax relief in certain circumstances.

Start with this
www.gov.uk/foster-carers/help-with-the-cost-of-fostering

and
www.gov.uk/government/publications/qualifying-care-relief-foster-carers-adult-placement-carers-kinship-carers-and-staying-put-carers-hs236-self-assessment-helpsheet/hs236-qualifying-care-relief-foster-carers-adult-placement-carers-kinship-carers-and-staying-put-carers-2017

and maybe even this (although Ive not tried it!)
www.hmrc.gov.uk/courses/syob3/fc/index.htm

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Cheshire


Master Book-keeper

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Oh and I meant to say - when they pop their name down for Fostering they will go on several courses, one of which will be about finances/tax.



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Artois


Guru

Status: Offline
Posts: 1313
Date:
Permalink Closed

 

Hi Joanne

Thanks for the links and confirmation of the £10k allowance but I did not realise you also get tax relief per child on a weekly basis as well

I might have to change my job!

Cheers



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
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