Tax - remember your exemptions
There are many tax exemptions available for those who give a real social benefit to the UK. Foster carers for example. The government recognises this by providing financial help to foster carers through a number of ways.
Firstly, foster carers get a weekly allowance from the government with the amount dependent on the age of the child and where the family are situated.
Secondly, there are generous tax exemptions given to foster carers. The first £10,000 of foster care income is exempt from tax. On top of this, the government also provides a weekly tax relief for every week the child is in the care of the foster carer. If the child is under 11 then £200 per week of the foster carers income will be tax free and if the child is over 11 then it will be £250 per week.
So if, for example, the foster carer has a 2 children for the full year and both children are over 11 then the foster carer has a potential to earn £36,000 tax free.
This is just one example of the multitude of tax exemptions that you may be able to take advantage of. If you'd like further information on these, then get in touch.
If you like the way we think you’ll like the way we work.