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Universal Credit Self Employed loan question

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  • tomtom256tomtom256 Forumite
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    A loan is not income, it's capital and disregaded under section 10, I think it is of UC regs.

    You can only declare upto £41 pounds I think it is, for interest on any financial products the business has, per assessment period.
  • james72james72 Forumite
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    "calcotti" thanks ever so much

    Thanks everyone else as well.

    calcotti that is perfect - I have printed it off, as I have a meeting with my work coach tomorrow. I will bring this up with him [in a nice way] - and at least now it's not a hunch that what he was saying didn't make sense...

    Phew. That's great news.

    Thanks again everyone for your time in helping me.

    I will come back and add to this - if the work coach sticks to his interpretation. Which I am sure is a possibility - nobody likes to be wrong [hence my wanting to bring this up in a nice way]. Hopefully it goes smoothly

    It does make you wonder how many people the WC might have given the wrong advice to.

    Thanks again  
  • calcotticalcotti Forumite
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    james72 said:
    It does make you wonder how many people the WC might have given the wrong advice to.
    Lots of incorrect advice is given out by DWP. Under trained and over worked.
    Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.
  • NedSNedS Forumite
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    calcotti said:
    james72 said:
    It does make you wonder how many people the WC might have given the wrong advice to.
    Lots of incorrect advice is given out by DWP. Under trained and over worked.
    Self-employment is an absolute minefield and the training given is minimal. DWP place the responsibility on the claimant to understand the legislation and ensure they declare correctly (not dissimilarly to HMRC who place responsibility on UK residents to ensure they pay the right amount of tax). DWP's job is to administer and pay the benefit based on the claimants declaration, much as HMRC's job is to collect tax. Neither are advice services. Many WC's will try to go the extra mile to help claimants, but unfortunately many are ill equipped or trained to do so.

  • HillStreetBluesHillStreetBlues Forumite
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    NedS said:
    Self-employment is an absolute minefield and the training given is minimal. DWP place the responsibility on the claimant to understand the legislation and ensure they declare correctly (not dissimilarly to HMRC who place responsibility on UK residents to ensure they pay the right amount of tax). DWP's job is to administer and pay the benefit based on the claimants declaration, much as HMRC's job is to collect tax. Neither are advice services. Many WC's will try to go the extra mile to help claimants, but unfortunately many are ill equipped or trained to do so.

    One of the reasons to take advise.
    If what you are told seems illogical then challenge it, even if you can't pinpoint the precise legislation.  
    Let's Be Careful Out There
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