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We specialise in looking after Foster Carer’s taxation

Visit us at www.fostertax.co.uk, or speak to us on 01207 524 909 to find out how we can help you We charge a fixed fee, agreed in advance

register as self employed

Hayley Payne explains how simple it is for foster carers to register with HMRC

F

• On the HMRC website: www.hmrc.gov.uk/selfemployed/ • On the HMRC self employed phoneline: 0845 915 4515 • Submitting form CWF1 obtained from the HMRC website • Fostertax will register their clients Who should Register: The person in the household who should register will differ depending on personal circumstances. A sole foster carer will have to register, whereas a couple need to consider whether both of them or only one of them needs to register. This will depend on whether their income arises solely from fostering or if either or both of them has

“Foster carers are treated as self-employed”

Fostertax help take the stress out of taxes

other income. Other income may be from employment or a different selfemployment. The level of their fostering income will also be a factor. To talk through the best option in your case contact Hayley on 01207 524909. What to register for: If your taxable income is nil then you only need to register for NI purposes. However, this situation must be reviewed. If you have taxable income in the future then you will need to register for taxation purposes as well, and will have to complete a selfassessment tax return. The NI registration is in relation to Class 2 NIC - currently £2.40 per week. However a foster carer with a taxable income of under £5,075 can choose to apply for exemption to paying it. But be warned, not paying it may affect entitlement to certain benefits. If you have taxable income then you must register for both NI and Taxation, and complete a Self Assessment Tax Return each year. You may be entitled to reclaim: You should also note if you have been employed during the year but ceased to become a foster carer. If so you may have paid too much tax on your employment income that you could reclaim. Fostertax specialise in looking after the taxation affairs of foster carers. Please contact Hayley on 01207 524909 or visit our website www.fostertax.co.uk.

Photo: www.flickr.com/photos/49333775@N00/313929226

oster carers are treated by the HMRC (Her Majesty’s Revenue and Customs) as self-employed. This means that you are responsible for paying your own tax and National Insurance (NI), and for submitting a Self Assessment Tax Return to the HMRC if required. This is totally different from employment, where it is the employer’s duty to deduct and pay your tax and NI, and make the relevant submissions to the HMRC. How to register: On becoming a foster carer you must register as being self-employed with the HMRC. This can be done in the following ways:

Foster Families Winter 2010 Sample  

A sample of our Winter issue... lots of fab articles to enjoy! Attachment advice, tips on overcoming bedwetting, delicious recipes and much...

Foster Families Winter 2010 Sample  

A sample of our Winter issue... lots of fab articles to enjoy! Attachment advice, tips on overcoming bedwetting, delicious recipes and much...

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