I am being paid a fostering allowance. My IVA advisor says its income.

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by wendy » Mon Jul 03, 2017 7:37 pm
I am almost a year into my IVA, my grandchildren are currently living with me under a reg 24 arrangement and I am being paid a fostering allowance. My IVA advisor says the whole amount has to be considered as income, is this right when I am not paid anything other than a basic allowance with no skills payment?. This is also meant to be a temporary arrangement so I am concerned that should this change I will have to 're calculate and wait for this to happen.
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by Foggy » Mon Jul 03, 2017 7:47 pm
The allowance will be considered income, but will largely be offset by relevant expenses. If you are not happy with the figures, speak to another firm ( or two) to compare how they handle this.
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Michael Peoples
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by Michael Peoples » Tue Jul 04, 2017 11:31 am
While it is income there are also a set of expenses applicable in fostering which are way in excess of the standard CCCS guidelines. This should wipe out most of the surplus and the only thing that can be used for increasing your IVA payments would be the profit figure. This will be on your next self assessment return and can affect the payments going forward.
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