Child/Young Person Allowance
As a foster carer you will receive a generous weekly fostering allowance designed to cover the cost of caring for the child or young person you foster. This should cover food, clothes, toiletries and all other expenses incurred in the day to day care of a child.
Allowances are set by Local Authorities and vary across the Tees Valley according to the age and needs of a child.
Extra payments are given to cover special occasions such as birthdays and holidays.
Foster Carer Fee
Some Local Authorities also pay a fee on top of this child/young person’s allowance, in recognition of the work they do in caring for these children or based on the needs of the child.
As a foster carer you are classed as self-employed for tax and national insurance purposes, so you need to register with HMRC. You may also be able to claim a range of benefits. You will be supported through your fostering team to understand these financial matters.