Fostering payments Wales

Fostering is a deeply rewarding journey, offering hope and stability to children and young people in need of safety, protection, and love. At Family Fostering Partners we’ve seen firsthand the profound impact foster carers have on the lives of children and young people across Wales and the positive change this brings to society. As such, it's essential to address one of the most common questions on the minds of prospective foster parents: "How much do foster parents get paid?" and how is foster carer pay callculated?

Calculating foster carer pay

The financial aspect of fostering, while not the primary motivation for most, is an important consideration. Fostering is recognised as a professional career; therefore, all carers deserve to be compensated with a competitive allowance that reflects the complexity of a child's needs and the invaluable support provided by foster parents to the children in their care. This allowance is designed not only to cover the basic day-to-day expenses such as food, clothing, and toiletries but also extends to cover additional costs like leisure activities, holidays, pocket money, and other nurturing experiences that contribute to a child's well-being and happiness.

Foster carer pay in Wales

In Wales, the question of "how much do you get for fostering a child?" can be difficult to answer because the exact amount varies depending on a number of factors, for example, the type of fostering involved, the needs of the child in your care, and the age of a child or young person. This ensures that children with more complex needs, who may require more support, dedication, and specialised care plans, receive a higher fostering fee which reflects the additional work and expectations required from a Foster Parent. Payments are made fortnightly directly into the foster carer's bank account, with Foster Parents across Wales also receiving additional payments for a child’s Birthday, Holidays, Festivals, and Clothing.

Fostering and Tax

Moreover, "foster carer pay in Wales" encompasses more than just the allowance. Foster parents also benefit from certain tax exemptions and relief schemes provided by HMRC, these tax exemptions are designed to encourage more individuals and families to become Foster Parents. This can significantly impact the overall financial picture for foster parents, making it a more viable and attractive proposition for many due to the increased take home income. Below this paragraph is an example of how foster carer pay and tax is calculated, these figures are provided by the UK government through HMRC. It's worth noting that these tax benefits can vary, and prospective foster parents are encouraged to seek detailed information during the application process.

Jane looks after a 15-year-old for the full 52 weeks of the year, she also helps to care for a 12-year-old for 10 weeks of the year. Using these figures, Jane would not pay tax on the first £43,780 she earns from fostering:

Tax exemption = £18,140 (Household Tax exemption) + Child 1 (52 x £420) + Child 2 (10 x £380)

Tax Exemption = £18,140 + £21,840 + £3,800

Total = £43,780

The question of "how much does fostering pay in the UK?" cannot be answered without considering the additional support and benefits available to foster carers. For instance, Family Fostering Partners offers a unique scheme called #BeThereToCare, designed to provide financial support for those giving up work to foster. Our #BeThereToCare scheme aims to assist during the transition period between being approved to foster and being matched with a child or young person. This initiative is just one of the ways we are committed to supporting foster parents every step of the way.

Financial concerns should not deter those interested in fostering. At Family Fostering Partners we want to make sure that all prospective foster parents are well-informed about the financial aspects of fostering. Whether it's queries about allowances, taxes, or navigating welfare benefits, we are always ready to assist and answer your questions.

In conclusion, fostering in Wales offers a professional career path that is both emotionally rewarding and financially supported. The allowances and benefits provided recognise the significant contribution foster parents make to society, ensuring they are equipped to offer the best possible care to the children and young people that they help care for. If you’re interested in beginning to foster, we hope that the guidance provided here regarding foster carer pay helps you to understand the financial rewards and support that is available to foster carers and that this in turn encourages you to take the next step on this life-changing journey. Finally, it is important to note that previous financial difficulties do not preclude individuals from becoming foster parents. What matters most is the ability to provide a stable, loving home and manage the fostering allowance effectively. As part of the assessment process, we would discuss these issues with you in detail to make sure that you are ready and able to foster. More information about the process of becoming a foster parent, and the assessment itself can be found by following this link.

If you're considering fostering and have questions or concerns about the financial side of things, don't hesitate to reach out. Contact Family Fostering Partners at 03300 948816, via email at info@familyfosteringpartners.co.uk, or by using our online live chat feature.