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There are two elements to the relief: An exemption, if your total receipts from foster care do not exceed the ‘qualifying amount’ (explained below). The exemption is automatic and does not need to be claimed.
An optional simplified method of calculating profits if your receipts from foster care do exceed the qualifying amount.
Callie Timothy is an Accounting, Tax, Forensic, Compliance and Business advice firm in London and Cardiff providing value-driven services to businesses irrespective of their size and nature. a 21st-century accountancy firm that focuses on excellence and compliance. We support corporate, private and not-for-profit organisations across various sectors. With over 21 years of local and international business experience, we bridge the gap between the expectation of clients and the reality of time.Read More