I've asked my accountant, who I've been with for over 8 years or something and they say as its "not contracting accounting" they want 75+VAT per hour to give me advice, despite offering the usual "bespoke service" "individual advice tailored to your individual situation etc" .... They started off small and brilliant and like most seem to have turned into a big cookie cutter operation.. Anyhoo, rant over!
Here seems a good place to try get some help
So here's the problem I'm having:
I've been approved and am planning to start Foster Caring from April this year (next personal tax year).
I'm a LTD company director and work freelance for several clients at the same time but sometimes committed to a single client. I aim to keep to freelance in the future , now that I am fostering.
Rather unsurprisingly, no one in the application process has talked to me about tax affairs and I've now discovered that HMRC "expect" you to be registered as self employed.
Help and support for foster parents: Tax arrangements - GOV.UK (www.gov.uk)
HS236 Qualifying care relief: foster carers, adult placement carers, kinship carers and staying put carers (2019) - GOV.UK (www.gov.uk)
My wife, is a mix of self employed (online tutor) and Part Time employed by the local council.
My questions are - what should I do?
I'm not sure the HS236 Qualifying care relief is transferable to any other income. I also don't want to change status if it's not required and of no benefit to me. Should we instead look for my wife to do so?
Finally, it's a bit of a joke / sore point to me - as the "pay" is around 110 per week for caring for a child 24x7,365 and any other payments are for the child, not the carer! Total income would be 220 per week , but thats 110 "fees" and 110 children's money. Also 5k a year is not enough to keep a child, so its antipated that the "fees" will also be spent on the child.
Is anyone else fostering out there, how do you do it?
Here seems a good place to try get some help
So here's the problem I'm having:
I've been approved and am planning to start Foster Caring from April this year (next personal tax year).
I'm a LTD company director and work freelance for several clients at the same time but sometimes committed to a single client. I aim to keep to freelance in the future , now that I am fostering.
Rather unsurprisingly, no one in the application process has talked to me about tax affairs and I've now discovered that HMRC "expect" you to be registered as self employed.
Help and support for foster parents: Tax arrangements - GOV.UK (www.gov.uk)
HS236 Qualifying care relief: foster carers, adult placement carers, kinship carers and staying put carers (2019) - GOV.UK (www.gov.uk)
My wife, is a mix of self employed (online tutor) and Part Time employed by the local council.
My questions are - what should I do?
I'm not sure the HS236 Qualifying care relief is transferable to any other income. I also don't want to change status if it's not required and of no benefit to me. Should we instead look for my wife to do so?
Finally, it's a bit of a joke / sore point to me - as the "pay" is around 110 per week for caring for a child 24x7,365 and any other payments are for the child, not the carer! Total income would be 220 per week , but thats 110 "fees" and 110 children's money. Also 5k a year is not enough to keep a child, so its antipated that the "fees" will also be spent on the child.
Is anyone else fostering out there, how do you do it?
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