New online tool to help foster carers with tax
A new online tool, Tax for Foster Carers, has been launched to help foster carers register with Her Majesty’s Revenue and Customs (HMRC) as self-employed.
The Fostering Network has assisted in the development of this tool, which features an e-learning course and guide to support foster carers new to self-assessment.
Foster carers are classed as self-employed, and as such must complete their own tax returns. This new tool will help foster carers avoid potential penalties for wrong or late tax declarations, and it also has an introduction to the 'qualifying care relief' tax scheme for foster carers.
Vicki Swain, campaigns manager at the Fostering Network, said, “We are delighted that the HMRC has launched this new tool, and we hope it will encourage more foster carers to feel more confident when dealing with their own tax affairs.”
In addition to this new service, the Fostering Network offers foster carers information and advice about the financial aspects of fostering including tax, national insurance and pensions.
You can access the guide and e-learning course on the HMRC website.