Many foster carers find it challenging and confusing to understand how fostering affects their tax and National Insurance contributions; and queries about tax is one of the most common reasons why foster carers contact Fosterline Wales. Therefore, The Fostering Network have developed this webinar specifically for foster carers to help them better understand what it means for them and their finances.
Please note that this webinar is for foster carers in Wales only.
All foster carers are treated as self-employed for tax purposes and there is a specific tax scheme foster carers can use called Qualifying Care Relief.
The scheme calculates a generous tax threshold unique to the fostering household and when compared with their total fostering payments, determines if a foster carer has to pay any tax from their fostering or not. For many foster carers their total fostering payments are below their tax threshold and they do not have to pay any tax. However, all foster carers need to register as self-employed with HM Revenue and Customs, regardless of the type of fostering and the level of income from fostering. This includes kinship foster carers and those that provide respite care.
The Income Tax and National Insurance webinar will explore this in more detail and provide information on the following:
- an introduction to the income tax scheme for foster carers
- how to calculate your own tax threshold
- how to register with HMRC
- how to complete an online self-assessment tax return
- how fostering affects National Insurance contributions
- how your fostering service can help.
To book your place on this webinar please complete this booking form.
We expect the webinar to be popular, so please book early in order to secure your place. The webinar will be hosted via the digital platform Zoom. We will send further details once bookings are confirmed.