Busbys Chartered Accountants

Foster Care Tax Services - Busbys Chartered Accountants In Kent

At Busbys we deal with a large number of carers working for various organisations spread over Kent, London and Essex. Busbys main office is in Tenterden where we will be available to meet with you to discuss your tax affairs in more detail and arrange a package tailored to your personal circumstances. Initial meetings are free with no obligation.

Packages for foster carers are on a fixed fee basis with no extra costs and start from £310+VAT for a carer with one child, including unlimited telephone support should you have any queries about your tax affairs. Various payment plans are available to suit your needs.

Fixed fee quotes: 2011 Returns Annual fee Incl. VAT at 20% Net Monthly Paid in Advance

Fixed fee quotes: 2011 Returns Annual fee
Incl. VAT at 20%
Net Monthly Paid in
Sole carer - One child £372.00 £310.00 £31.00 £353.40
Sole carer - Two children £432.00 £360.00 £36.00 £410.40
Sole carer - Three children £492.00 £410.00 £41.00 £456.00
Sole carer - Four children £552.00 £460.00 £46.00 £524.40

Quotes include registration with the Inland Revenue, completion of accounts and basic tax returns, together with advice on tax liabilities and when they are due. + Unlimited telephone access to our tax advisors in Tenterden for ad hoc advice whenever required.

For more complex tax returns (e.g. with other earned income or several sources of investment income), we will be happy to tailor a fixed fee quote to cover your individual circumstances.

Payment terms - monthly standing order, or if paid in advance, we give a 5% discount.

Foster Parents and Carers receive special tax treatment. In addition to the normal tax-free personal allowance (currently £6,475), the first £10,000 of net foster caring income after expenses is also tax free.

Home Responsibilities Protection . If you do not need to pay National Insurance Contributions (NICs) (because your income from self employment is below the threshold at which such contributions become compulsory) then you can claim Home Responsibilities protection (HRP) for each complete tax year you are registered as a foster carer or parent. HRP helps to protect the basic State Pension of people who do not work due to responsibilities at home. For more information see form CF411, available from the Inland Revenue National Insurance Contributions Office, Inland Revenue Enquiry Centres,local DWP offices or Busbys.

What you must do –

  • Register as self employed with the H M Revenue & Customs within 3 months of your first foster child being placed
  • Keep proper records – i.e. income and details of the children fostered
  • File your tax return and pay your tax due by the due dates
  • Respond to enquiries from the Revenue

The H M Revenue & Customs impose various fines for not dealing with the above properly.

Busbys can be contacted as follows:-

Phone 01580 765088

Or on our Contact Us page.