Hi I'm just wondering if someone can give me a bit of advice.
Hate to "talk" about money but I have to make sure I'm going to be okay financially if I give up my job to foster. I understand I won't be paid when I don't have a placement and I understand I could be without a placement for a while. Don't think I could afford to not have a placement for months at a time.
At the moment because myself and my husband work, we don't get any tax credits, as together we earn just over the £30,000 threshold.
Do I get tax credits if I become a foster carer? Or does it just work the same as if I was employed?
You would be classed as self-employed but you wouldn't "earn" any income unless above a certain amount which most fcs don't get. But you cant claim tax credits for the fostered child, only for any birth children.
I think that is true of child tax credit pj123 but I think op would probably get working tax credit as presumably her income would be discounted and her husbands sounds like it will be below the threshold. I might be wrong I often am
Fostering is a "qualifying job" in relation to working tax credits... it is still based though on income coming into the household - you can in most circumstances state your income from fostering as £0 (there is a limit but very unlikely to reach it) but any other income will also be taken into account...
You are not eligible to claim child tax credits for any child you foster.