How much does a foster carer get paid? This is a common question everyone asks, read on to find exact figures on how much foster parents are paid.
Fostering a child can be a truly rewarding experience, enabling you to change a child or young person’s life for the better. But of course, choosing whether to foster is an important decision – and one of the most common questions that gets asked is, how much do foster parents get paid?
At Excel Fostering, our foster carers can earn from £20,400 to upwards of £41,600 per year.
Whilst we appreciate that conversations about foster care allowance can be uncomfortable, we also want to remove the stigma around fostering salaries. After all, whilst fostering is a vocation, it is also a So, read on to learn all about fostering allowances and whether fostering is a viable career choice for your family.
So, how much do you get paid for fostering? Fostering a child who desperately needs your help not only has emotional rewards, but financial benefits too. As a foster carer, much of your time will be dedicated to supporting and creating a safe environment for your foster child – which is why fostering allowance is provided to support you and your lifestyle, whether you’re a long or short term carer.
How much foster carers are paid per week depends on a number of factors. These factors can include:
Here at Excel Fostering, as an Employee Ownership Trust, we are able to offer competitive fostering rates for our fostering placements.
Total allowances for most of our standard placements - including respite payments - is in excess of £400 per week, which would work out to be around £1,700 a month or £20,400 a year. We also gift every carer with an annual £200 gift for on-going carers at re-approval stage, and 14 nights short stay support.
The fostering allowance for parent and child placements is from £670 per week, and the need for this service is increasing.
The demand for support for foster children with complex requirements is growing. As a result, we have developed a long-standing, highly-successful programme called MATTS. MATTS provides carers with clinical support, additional training and resources to enable them to accommodate specialist therapeutic placements. Fostering allowances for MATTS placements are between £525 and £600 per week. So, if you look after a child in a MATTS placement for a whole year, your total income will be over £26,780 per child (and £23,000 of this will be tax-free). All necessary training for therapeutic foster care is provided by our team at Excel Fostering, meaning the majority of our carer’s are eligible to provide MATTS placements.
The weekly allowance paid to carers is made up of two parts:
There are standards set by the government for independent agencies, such as Excel Fostering, to use as a guideline when compensating their foster carers. Click here to learn more.
Yes - foster carers do pay tax. However, as well as receiving a competitive salary, foster carers also benefit from specialist tax allowance. Carers who qualify for care relief are entitled to £10,000 tax free earnings from fostering and tax relief for each week you care for a foster child after the initial £10,000.
Foster carers who support children under the age of 11 will receive an additional £200 of tax relief per week, per child. Foster carers supporting children aged 11 or over will receive £250 of tax relief per week, per child.
Once you are an approved foster parent and registered with the HMRC, you will be classed as self-employed. In turn, you will need to keep a record of the ages and dates of when you foster children for your annual tax return form.
Yes, you are still eligible to receive benefits as a foster parent. However, the benefits you receive could change once you become a foster carer. Some of the benefits you could be entitled to include:
· Universal Credit
· Council Tax Reduction
· Personal Independence Payments
· Disability Living Allowance
Ready to apply for your career in foster care? Learn more about how become a foster parent now. Alternatively, if you want to know more about fostering pay or advice on how much foster parents get paid, contact us on 01253 712734 or fill out the contact form below.
If you’ve got any questions or would like to find out more about fostering with Excel Fostering, fill out the form below.
An experienced fostering advisor from your local area will then be in touch.