Urgent Help

Thompson106

Hi guys


My partner and I own a small business net profit split approx. £7,000 and £28,000. I'm a silent partner and my partner works approx. 25hrs. We are currently also foster carers for three children but want to take them on a Special Guadianship which means we will potentially get £400 a week in total for them (means tested) Ive tried the online benefit checkers etc but don't really help for self employed people and wondered if someone could help or point me in the right direction. Ive never claimed any type of benefit before and don't understand child benfits and tax credits etc. We are trying to work out what we would be entitled to and how much and if I would be better off finding a part/full time job or just not working and lving on the money from the business and benefits? can anyone help? Many thanks in advance

pmlindyloo

Have you read this about payment to former foster carers? Will that make a difference to your finances?

Thompson106

hi thanks but I cant see the link x

tboo

For Fostering Allowance

Child benefit and child tax credits aren't payable as the fostering allowance covers these.

If claiming HB the payments are disregarded and the children cant be included in the claim but you do get 1 bedroom added on.

"As a foster carer, you will not be able to claim Child Tax Credit or Child Benefit for a foster child. However you may be able to claim Working Tax Credit if you are receiving the reward element and you are treated as self employed."

Link

For Special Guardianship

'Part of the assessment for this Order involves an assessment on the family's needs; financial and otherwise.
It is means tested and cannot duplicate any other benefits you can access with this Order (ie, Tax Credits and Child Benefit)."

Further down it states yes to ChB and CTC and WTC as well
link

pmlindyloo

Sorry, link's here:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/656593/Special_guardianship_statutory_guidance.pdf

Look at regulation 7

Darksparkle

https://www.gov.uk/hmrc-internal-manuals/tax-credits-technical-manual/tctm02211

https://www.gov.uk/hmrc-internal-manuals/tax-credits-technical-manual/tctm02440

[Deleted User]

pmlindyloo wrote: »

Sorry, link's here:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/656593/Special_guardianship_statutory_guidance.pdf

Look at regulation 7

Note that it says ‘may’ not must. Therefore most local authorities will choose not to in most circumstances especially given the cuts they are still facing.