Foster Carers
Favourites Finance Ltd has been active in working with Independent Fostering Agencies and Local Authorities in the provision of Financial Advice.
As a foster carer you are in a unique position. The caring for children in a family unit by foster carers is treated as a business by H M Revenue & Customs.
- • You are treated as a self employed person.
- • You may be responsible for the preparation of annual accounts and a self-assessment tax return, which has to be submitted to H M Revenue & Customs.
- • You may be liable to pay Income Tax and National Insurance.
Where there is a payment from either a local authority or a fostering agency, then a Foster Care exemption may be available (this does not apply to private fostering arrangements).
We specialize in Foster Carer Mortgages, Pension Provision and Childrens Savings arrangements. We understand how you are paid.
We have established professional connections with accountants and solicitors that specialize in the care industry.
To find out how we can help you or to discuss your own situation on a confidential basis please call us today or fax us the attached enquiry information