Financial Package
Abacus Fostering recognises fostering as a professional role and recognises the financial demands of caring for children and young people. Therefore, we have a very generous financial package which rewards foster carers for their role and gives a generous boarding out allowance to meet children/young people’s needs.
The average total payment to foster carers is £450 per week. It is broken down into two parts; the foster carer’s element and the child allowance.
The foster carer’s element is £280.50 a week. This fee recognises your role and contribution to the fostering task.
The additional allowance is for the child/young person. This element varies, depending on the age of the child. It is to cover the costs of caring for a child or young person and as well as being dependent on the age of the child, it considers the child’s needs, any disabilities, and whether or not it is a Child and Parent Placement.
The young person’s element covers:
- Food
- Clothing
- Basic travel
- Everyday living expenses
- Leisure activities
- Savings
- Any other expenses
We ask you to keep financial records for the child and we will give you support in keeping these records as part of your supervision.
Our carers work on a ‘self-employed’ basis. Foster carers receive very favourable taxation on income derived solely from fostering. In 2003, HMRC set up a tax scheme for foster carers to simplify the calculation of their taxable income by comparing a ‘Qualifying Amount’ to their total fostering income. We do not provide an accountant, however, individual and more general advice on foster carer tax relief is available from the Fostering Network and HMRC.
Want to know more about fostering?
Get in touch to learn how Abacus can help you with fostering.