Universal Credit - How often do they ask about savings?

UKSBD

My daughter will have to go on to Universal Credit for the 1st time.
She currently has about £7k in savings, but is spending about £400 a month
When she applies she will tell them 1 figure, but by the time she receives anything it will be a different amount, if she gets UC her savings may go up (or stay about the same) if she doesn't her savings will be lower.
How often do you have to inform them about savings, do they ask every month?

tomtom256

The onus is on you to tell them of any changes in your circumstances, this includes any changes to your savings.

UKSBD

tomtom256 said:

The onus is on you to tell them of any changes in your circumstances, this includes any changes to your savings.

How often though?
Say you have £5900 in savings on one day, recieve UC the next day and then have £6400 in savings, do you have to report daily, weekly, monthly?

Blackbeard_of_Perranporth

Does she have less than £16,000?
If Yes, then you do not need to update. If No, ????

mrschaucer

UKSBD said:

tomtom256 said:

The onus is on you to tell them of any changes in your circumstances, this includes any changes to your savings.

How often though?
Say you have £5900 in savings on one day, recieve UC the next day and then have £6400 in savings, do you have to report daily, weekly, monthly?

I think the question you should be asking is when INCOME (eg UC) becomes SAVINGS.  I'm sure I've read somewhere that income does not become "capital" (ie savings) for 12 months or so, but that was probably in a scenario to do with taxation, so I'm not sure how the rule is applied by the UC people.

KatrinaWaves

UKSBD said:

tomtom256 said:

The onus is on you to tell them of any changes in your circumstances, this includes any changes to your savings.

How often though?
Say you have £5900 in savings on one day, recieve UC the next day and then have £6400 in savings, do you have to report daily, weekly, monthly?

That’s not your savings, that’s your income being added.

if you don’t spend any of it and it rolls over to the next period I believe it then becomes savings. 

Spoonie_Turtle

KatrinaWaves said:

UKSBD said:

tomtom256 said:

The onus is on you to tell them of any changes in your circumstances, this includes any changes to your savings.

How often though?
Say you have £5900 in savings on one day, recieve UC the next day and then have £6400 in savings, do you have to report daily, weekly, monthly?

That’s not your savings, that’s your income being added.

if you don’t spend any of it and it rolls over to the next period I believe it then becomes savings. 

Yes, this is what I've heard a few times too.

Re: the original question, if savings are between £6000 and £16000 it's in the claimant's interest to update whenever their savings have crossed a £250 threshold so the correct deductions are made from UC, otherwise they could be underpaid or overpaid.

(If they're spending from their savings a few times and crossing a few £250 thresholds in one month then it might be more efficient to update near the end of that AP, but I don't know if the rules require immediate reporting or if consolidating it at the end of each AP is sufficient.)

Below £6000 any changes are immaterial so I can't see why they would need to be reported.

calcotti

Blackbeard_of_Perranporth said:

Does she have less than £16,000?
If Yes, then you do not need to update. If No, ????

That's completely incorrect. Savings over £6,000 affect the amount of UC payable.

calcotti

mrschaucer said: I think the question you should be asking is when INCOME (eg UC) becomes SAVINGS.  I'm sure I've read somewhere that income does not become "capital" (ie savings) for 12 months or so, but that was probably in a scenario to do with taxation, so I'm not sure how the rule is applied by the UC people.

Correct question, wrong time period. Any income not spent becomes capital from the start of the monthly assessment period commencing after the income was received.

calcotti

Spoonie_Turtle said:

KatrinaWaves said:

UKSBD said:

tomtom256 said:

The onus is on you to tell them of any changes in your circumstances, this includes any changes to your savings.

How often though?
Say you have £5900 in savings on one day, recieve UC the next day and then have £6400 in savings, do you have to report daily, weekly, monthly?

That’s not your savings, that’s your income being added.

if you don’t spend any of it and it rolls over to the next period I believe it then becomes savings. 

Yes, this is what I've heard a few times too.

Re: the original question, if savings are between £6000 and £16000 it's in the claimant's interest to update whenever their savings have crossed a £250 threshold so the correct deductions are made from UC, otherwise they could be underpaid or overpaid.

(If they're spending from their savings a few times and crossing a few £250 thresholds in one month then it might be more efficient to update near the end of that AP, but I don't know if the rules require immediate reporting or if consolidating it at the end of each AP is sufficient.)

Below £6000 any changes are immaterial so I can't see why they would need to be reported.

UC entitlement is based on situation on last day of assessment period so reporting on or just before last day makes sense.

UKSBD

Thank you.
What is the assesment period - is that monthly?
Are payments made monthly and therefore she just has to send in info just before the next month starts.
How  would she send it in, just simply done online or have to fill out a big long form every month?
Sorry for all the questions, but she's pur of any claiming for at least 3 months as she doesn't know what to do about savings (doesn't even know what she has due to accounts set up by grandparents, premiun bonds, etc.)