Financial Support for Foster Carers

Everything you need to know about foster care allowances & finances.

Don’t let finances get in the way of your fostering journey!

foster care allowance by children always first.

Everything you need to know about foster care allowances

Understanding what financial support is available for foster carers is essential, as finances can often be a barrier to entry for new and returning foster carers. 

However, it should never put you off. As a foster carer, you will receive financial support to help cover the cost of caring for a child/children. 

Your foster care allowances are there to cover school supplies, groceries, treats, toys and more. It’s our job to make the financing process pain-free and seamless.

Speak to our financial specialists

What is a foster care allowance?

Your foster care allowance is a monthly financial support package provided by the government or a fostering agency. It is designed to cover your foster child’s basic needs, including food, clothing and school fees.

What is a foster care fee?

Your foster care ‘fee’ is your wage as a professional carer. This fee depends on which service you foster with, as not all services provide extra pay (Children Always First do provide a foster care fee for all carers).

Are accountancy fees included?

As a foster carer, you’ll be a designated sole trader, meaning that you’ll need to submit a tax return manually every year. We understand that this can be a challenge, which is why we can support you in registering with HMRC and cover £140 of accountancy fees annually for all of our foster carers.

Can I speak to a financial advisor?

We understand that having consistent finances is key to providing great care to your foster child. That’s why our team are always here to provide financial advice as and when required. We ensure that you get paid on time, every week.

Fostering finances top tips

As a self-employed person foster carers need to know that they are responsible for their own tax and national insurance, this obviously comes with the requirement of an annual tax return.

Provide tax experts and webinars through the FosterTalk membership

Blog and social media content to help understand and be finance savvy

Pair you with the UK’s best specialist tax advisory service

Provide £140 per year towards the cost of the tax return

Teach young people financial life skills

Keep up to date with CAF!

Find the latest fostering news here.

Whether you’re looking for fostering tips and tricks, or you want to know what’s going on, this is the space for you!

See all news and updates

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Why foster with Children Always First?

The benefits of CAF

24-hour support

We understand that fostering isn’t always the easiest thing. It’s important to us that you never feel like you’re alone. That’s why we operate a 24-hour hotline, and every household has their own supervising social worker for support.

Sector-leading training

We offer all of our foster carers, both new and experienced, access to extensive training specific to their needs. All training is flexible and can be delivered online or on the weekends, if necessary. It’s our job to ensure you’re ready for anything.

Dedicated youth team

Our dedicated youth workers are provided for all foster children and young people aged 5 and over. It’s their job to support and mentor your foster child alongside you, ensuring that you always have somebody else in your corner.

Therapeutic parenting focus

Therapeutic parenting is about creating a sense of belonging in the foster parent/child relationship. We offer support and training for any foster carer wishing to adopt a therapeutic parenting style of parenting.

Frequently Asked Questions

How much do foster carers get paid?

Foster carers receive financial support to cover the cost of caring for the child, including a monthly fostering allowance, additional mileage (where applicable) and other additional payments depending on the needs of the child. The exact amount varies depending on factors such as the age of the child, their specific needs, and the region in which the carer lives.

What is included in the foster care allowance?

The foster care allowance typically covers the cost of caring for the child’s everyday needs, including food, clothing, and personal items. It may also include a contribution towards household bills and expenses related to the child’s education, health, and leisure activities. The allowance varies depending on factors such as the age of the child and their specific needs.

Are accountancy fees covered for foster carers?

Yes, Children Always First offers an annual payment of £140 to assist foster carers with their self-assessment tax fees. This helps alleviate some of the financial burden associated with being self-employed.

Can foster carers receive financial advice?

Yes, our foster carers can receive financial advice through FosterTalk. They can speak to expert professionals regarding tax, benefits, accountancy, National Insurance and more!

What financial support is available for foster care tax?

As Foster Talk members, Children Always First carers have access to reduced self-assessment fees through BK Plus accountancy. They can also reach out to FosterTalk for free, expert advice regarding foster carer tax.

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