Foster Carers Accountants in Newcastle-upon-Tyne
Fostering children is usually a family ‘job’ and depending on your individual circumstances, you may wish to have one person in that family unit regarded as the carer for tax purposes. Alternatively, you may wish to treat it as a partnership between the two partners, especially where there is no other income coming into the house and you are caring for three children. Each household’s situation is different and therefore you may feel it is advisable to consult an accountant before you go too far down the line.
When in need of a foster care accounting firm in Newcastle-upon-Tyne, you’re in the right place, at REACT Accountancy our team of experienced accountants can provide you with a range of services including foster care accounting. We come with a wealth of experience and all of our accountants are highly skilled when it comes to accountancy, what’s more is you can trust that you’ll receive services that are to the highest standards. We have also provided our foster care accounting services to many customers across Newcastle-upon-Tyne, whatever your needs we cover local Newcastle-upon-Tyne as well as the surrounding areas. For more information, please call REACT Accountancy, a renowned accounting firm in Newcastle-upon-Tyne, we can always be on hand to answer any questions or queries that you may have.
Our Foster Care Accounting Service
Should you require foster care accountants in Newcastle-upon-Tyne, REACT Accountancy has got you covered, our fully qualified and local accountants can assist with all of your foster care accounting needs in Newcastle-upon-Tyne. As fully regulated and licensed accountants, at REACT Accountancy we provide accounting services to many customers in and around the Newcastle-upon-Tyne area. We specialise in a range of accountancy services which includes foster care accounting services, no matter your requirements we have got you covered. When looking for a foster care accountant in Newcastle-upon-Tyne, make sure that you call on the team at REACT Accountancy today.
Foster Carers are in a unique position. The caring for children in a family unit by foster carers is treated as a business by H M Revenue & Customs.
- You are treated as a self-employed person.
- You may be responsible for the preparation of annual accounts and a self-assessment tax return, which has to be submitted to H M Revenue & Customs.
- You may be liable to pay Income Tax and National Insurance.
Where there is a payment from either a local authority or a fostering agency, then a Foster Care exemption may be available (this does not apply to private fostering arrangements).
Foster Care Scheme
The Foster Care Scheme works in two ways and the way, which will be relevant to you, will largely depend upon the level of your total receipts from Foster Care. ‘Total’ receipts are all of the payments you receive from the local authority or independent fostering provider and include fees, salaries, reward payments, holiday and clothing allowances etc.
Against these receipts, it is possible to claim set allowances (in tax jargon called ‘ qualifying amount ‘ ) which consist of a fixed amount of £10,000 per annum per household and an amount for each foster child of £200 per week for a child below the age of 11 or £250 per week for a child aged 11 or over.
Professional Accounting Services for Foster Carers
REACT Accountancy is a local accounting company based in Newcastle-upon-Tyne who specialise in providing qualified and professional foster care accounting services. We should always be your first choice as we take pride in providing all of our customers in Newcastle-upon-Tyne with a top quality service, not only will we meet your requirements, we’ll exceed them. Should you be looking for a regular foster care accountant or its a one off service, make sure that you call on the services from our professional accountancy team today. We can also provide free quotes.
As fully qualified foster care accountants you can rest assured that you’re in the best hands with the team at REACT Accountancy, we ensure that we adhere to practice standards and ethical guidelines. With years of experience in the accounting industry we aim to offer the most professional service to all of our customers and clients. We can also provide our clients with access to a wealth of accountancy knowledge and expertise in foster care accounting, whatever your requirements, whether you’re a business, partnership or sole trader, we have got you covered. With a comprehensive range of foster care accounting solutions, at REACT Accountancy we can assist with all of your needs and requirements. For more information on our foster care accounting services or should you be looking for foster care accountants in Newcastle-upon-Tyne, make sure you call on our services today.
The First Way
If your total receipts are less than the set allowances, then for taxation purposes you are treated as having no profit or loss from foster care for that particular tax year. As part of our service to carers, we can carry out an annual financial health check to review your individual situation.
The Second Way
If your total receipts are more than the set allowances, then you have a choice of two methods of calculating your profit for tax purposes:-
- Simplified method
In this case, your actual expenses are ignored and you will pay tax on the difference between your total receipts and the set allowances.
- Profit Method
This is generally the less usual method and calculates your tax on the difference between your total receipts and your actual expenses.
It cannot be over emphasised that it is not possible to claim set allowances and expenses – it is one or the other.
Our experience enables us to advise you on the best approach in your particular situation.
Why Choose REACT Accountancy?
When in need of foster care accountants in Newcastle-upon-Tyne, make sure you call on your local accountancy firm in Newcastle-upon-Tyne, REACT Accountancy. We specialise in providing a range of accounting services that cover foster carers, at REACT Accountancy we can help with all of your accountancy needs. We are known across the Newcastle-upon-Tyne area for the excellent foster care accounting services that we provide, so when you are in need of accountants in Newcastle-upon-Tyne, we should always be your first port of call. Whatever your needs or requirements, feel free to get in touch with REACT Accountancy today. For more information call out expert team today.
What We’ll Do For You
- Initially register you with the HMRC Tax and NI Contributions Agency.
- Discuss your household circumstances and advise you of the best treatment of your income for tax purposes.
- Assist in the preparation of your annual tax return and prepare your fostering income statements.
- Provide you with an indication of your potential tax and NI liability based on your individual circumstances.
- Check your tax assessments and advise you when your tax liability is payable.
- Answer any queries that may arise.
For Foster Care Accountants in Newcastle-upon-Tyne, Contact REACT Accountancy
When searching for foster care accountants in Newcastle-upon-Tyne, look no further, REACT Accountancy has got you covered. When it comes to needing a professional foster care accounting company in Newcastle-upon-Tyne or any of the surrounding areas, make sure that you call REACT Accountancy today. We have years of experience in the industry and are well-known for the service that we provide, our foster care accountancy service is available to all customers, so should you need any more information or if you’d like to speak to our team about our services please give us a ring today.
Need more information?
We aim to provide a value for money service & we operate on a fixed fee basis so you will know in advance how much you will have to pay for our work.
For more information on the services we provide to foster carers and fostering agencies, please click here for more Foster Carer Accounts Information.
When it comes to foster carers and their accountants, it’s our job to prepare and examine their financial records, they will ensure that your records are accurate and that taxes are paid properly and on time. Foster care accountants will perform overviews of all of the financial operations and ensure efficiency. For more information, please get in touch with REACT Accountancy today.
Yes at REACT Accountancy we are home to a team of professional accountants who are all fully qualified. Our accountants understand how important it is for businesses to use both qualified and trusted accounting services, so when you choose our team we will provide complete peace of mind that all of your accounting records are in place properly.
This all depends on your foster care accounting requirements, when you choose REACT Accountancy, we will be able to provide you with more detailed information regarding your accounting service once we have fully gone through your needs and requirements.
Our accounting service costs will vary and all depends on the services that you require, for larger accountancy requirements that involve more complex financial accounts this will cost more than a smaller accounting service. At REACT Accountancy our professional accountants will always ensure that they go through your requirements and provide you with an accurate estimate.
Yes of course, in order to obtain a quote our team will need a brief overview of your books and records, this is so that we can work out which services you require. This is just to ensure that all of the relevant information is considered before we put together your accountancy quote.