Interaction with other income

Sometime foster carers may have other income. This could include, for example, savings income or rental income. If there is significant untaxed income, then it may be necessary to register for self assessment because of this income, even if receipts from foster care are covered by the foster care exemption.  For more information on self assessment and who needs to register, see the HMRC website page http://www.hmrc.gov.uk/sa/introduction.htm. 

If you have no other income but savings income (taxed bank interest), you may be eligible for a refund on savings income which is taxed at source, or be entitled to receive such interest without deduction of tax – see http://www.hmrc.gov.uk/tdsi/key-info.htm.