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Coronavirus - SE earnings dropped - On wtc - Have savings - What can i claim?

justwhat
justwhat Posts: 725 Forumite
Sixth Anniversary 500 Posts Name Dropper
in Coronavirus Board
Hi all 
My partner and i are Self employed on wtc. Earnings last year approx 14k (shared income). Our overheads and outlays are very small.
We have a large amount of savings. Our joint income will drop to around 5k this year(maybe less).  Enough to justify one of us continuing as SE  
If we go onto Universal credit our savings will stop us claiming anything?
So what are my options?

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Comments

  • p00hsticks
    p00hsticks Posts: 15,006 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Dip into your savings ?
  • justwhat
    justwhat Posts: 725 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    p00hsticks said:
    Dip into your savings ?
    i wanted to avoid that. it was a down payment for a house. And the money came from an inheritance.
  • calcotti
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 18 March 2020 at 11:15AM
    Quite apart from being excluded from UC by savings a claim for UC would end your WTC and you could be hit by the Minimum Income Floor.
    You may be able to claim Council Tax Reduction from your local authority to help with your Council Tax.
    Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.
  • KatrinaWaves
    KatrinaWaves Posts: 2,944 Forumite
    1,000 Posts Second Anniversary Name Dropper
    edited 18 March 2020 at 12:24PM
    There is nothing else you can claim whilst retaining large amounts of savings. Calcotti describes CTR but that's means tested and unlikely with savings that preclude you from UC

    Your other otpions are for one of you to become employed. 14k is barely enough to keep one person, never mind two. 
  • justwhat
    justwhat Posts: 725 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    KatrinaWaves said:
    There is nothing else you can claim whilst retaining large amounts of savings. Calcotti describes CTR but that's means tested and unlikely with savings that preclude you from UC

    Your other otpions are for one of you to become employed. 14k is barely enough to keep one person, never mind two. 
    We have lived on 12-18k joint income for over 10 years. If you have no mortgage / rent and are carefully with money. It is more than enough. It has helped over the years by getting WTC. (its not hard to do. used to go abroad every year also, when we got ctc lol)
    Not keen on using my savings or getting a job. Knocked my pan in getting this far in life lol 
    i could diversify SE or just get rid of the savings.
    i am getting old now at 58 

  • KatrinaWaves
    KatrinaWaves Posts: 2,944 Forumite
    1,000 Posts Second Anniversary Name Dropper
    edited 18 March 2020 at 12:47PM
    If you cannot live on 5k then you will simply have to live on your inheritance.

    Once it goes below 16k you will start to have an entitlement, until it gets to 6k when you will have full entitlement minus deductions for income.
  • calcotti
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    KatrinaWaves said:
    There is nothing else you can claim whilst retaining large amounts of savings. Calcotti describes CTR but that's means tested and unlikely with savings that preclude you from UC
    Quite right - lack of joined up thinking on my part!
    Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.
  • calcotti
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    justwhat said:... or just get rid of the savings.
    That could be treated as deprivation of capital in which case you will be assessed as if you still have them.
    Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.
  • calcotti
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Quite apart from the health safety aspects I think DWP are going to be swamped dealing with new claims.
    Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.
  • KatrinaWaves
    KatrinaWaves Posts: 2,944 Forumite
    1,000 Posts Second Anniversary Name Dropper
    calcotti said:
    justwhat said:... or just get rid of the savings.
    That could be treated as deprivation of capital in which case you will be assessed as if you still have them.
    I generously assumed they meant ‘use them to live on...’ 
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