Foster Carer’s Accountant: Fostering Tax Return Service

Intellect Tax are Fostering Accountants who specialise in tax services for foster carers. Carers are registered as self-employed, which means that you must complete a self-assessment every year even though they tend to be exempt from paying tax on the fostering allowance.

Intellect Tax offers financial support and guidance to carers when they come to completing their foster carer tax returns. As we understand the complexities of foster care tax in the UK, we can also calculate any benefits that you may be entitled to.
We can calculate your HS236 “Qualifying Care Relief” which allows carers who look after children or young people to receive certain payments free of tax.

As a self-employed person, you need to file your self-assessment, even if you don’t pay tax.

You will need to:

  • Register with HMRC – this is the first step in the process
  • Calculate your earnings from fostering, using HMRC’s special profit rules for carers
  • Complete your self-assessment, including details of all of your income from different sources
  • File your tax return on paper by 31st October, or online by 31st January, for each tax year (which begins on 5th April)

While this may seem relatively straightforward, there are hidden pitfalls. If you do not register, fail to file the self-assessment, or miss paying your tax on time, you may incur costly penalties.

By using Intellect’s specialist fostering tax service, you can have the peace of mind that all of the relevant paperwork is taken care of for you.

How We Can Help You File Your Foster Carer Self Assessment Tax Return

When you use Intellect Foster Tax Service, you simply complete our straightforward questionnaire, and we will do everything else.

As Foster Carer Accountants, we will deal with HMRC, complete all the paperwork, and keep you up-to-date right through the process.

We will assist you with your foster carer self-assessment by:

  • Help you to register with HMRC so you don’t need to worry about it
  • Calculate your fostering profits using HMRC’s special rules for carers
  • Work out how much tax you have to pay, and when you need to pay it by
  • Claim any additional credits, expenses & benefits you might be entitled to
  • Advise you on how to reduce the amount of tax you have to pay by considering a fostering partnership
  • Make sure all documentation is properly filled in and submitted before the deadline
  • Talk to HMRC on your behalf
  • Keep you updated via email throughout the year about how we’re getting on with your tax return

We can provide tax returns and tax calculations for carers at a fixed rate. FosterTalk members have access to a discounted rate for our tax service. Find out more at the FosterTalk website.

You can read more about fostering tax on our FAQ page here.

For more information or advice, call us on 0121 794 2289.