Bringing a child into your world is an act of compassion, but it also has financial implications which you can’t ignore. According to one study of middle-income families, the average cost of raising a child to age 17 is £233,610. Understandably, such thoughts can cause trepidation, before even considering becoming a foster carer.
One of the most common questions from potential foster carers is, ‘Do I get paid to support a child?’
The short answer is yes- you not only get paid to support a child, but will also receive a personal income. You will also receive generous tax breaks, with the threshold for foster care tax scheme being £10,000 per year. Consequently, many foster carers find they pay little to no tax.
This is because being a foster carer counts as self-employment by the HRMC. You can find out more information about this on their website.
The amount you get paid to become a foster carer depends on how many children you care for, along with their ages. For example, you will receive £340.00 per week for a child aged 11-18 years old. You can see examples of this on our Fostering Payments and Allowance page.