TC migration to UC estimated Self employed income with savings.

justwhat

Our income/savings interest is normally estimated for TC until the end of april . After April we finalize our SE income and submit the figure to TC. (we usually rush about getting finalized figures)

We have just got our migration letter. Is it better to hold off finalizing income/savings or submit it now.

Estimation was 8k income inc savings interest
However actual is 13kish income including savings interest  . Most  SE earned income and PAYE was put into pensions.

Migration deadline is mid June. 

i assume its is better to keep the TC award as high as possible before moving over. But i am confused, as the 2 systems regard savings interest differently. And what knock on effect that has.

Can you actually move over to UC and when figures are only estimated for TC?

huckster

Over complicating ?

If you are better off currently on TC,  then leave it until nearer deadline in June before claiming UC. For UC you will record actual money, savings and investments information.

Dazed_and_C0nfused

justwhat said:

Our income/savings interest is normally estimated for TC until the end of april . After April we finalize our SE income and submit the figure to TC. (we usually rush about getting finalized figures)

We have just got our migration letter. Is it better to hold off finalizing income/savings or submit it now.

Estimation was 8k income inc savings interest
However actual is 13kish savings interest . All SE earned income and PAYE was put into pensions.

Migration deadline is mid June. 

i assume its is better to keep the TC award as high as possible before moving over. But i am confused, as the 2 systems regard savings interest differently. And what knock on effect that has.

Can you actually move over to UC and when figures are only estimated for TC?

Will you be eligible for UC with the level of capital that must exist to return that interest 🤔

justwhat

Dazed_and_C0nfused said:

justwhat said:

Our income/savings interest is normally estimated for TC until the end of april . After April we finalize our SE income and submit the figure to TC. (we usually rush about getting finalized figures)

We have just got our migration letter. Is it better to hold off finalizing income/savings or submit it now.

Estimation was 8k income inc savings interest
However actual is 13kish savings interest . All SE earned income and PAYE was put into pensions.

Migration deadline is mid June. 

i assume its is better to keep the TC award as high as possible before moving over. But i am confused, as the 2 systems regard savings interest differently. And what knock on effect that has.

Can you actually move over to UC and when figures are only estimated for TC?

Will you be eligible for UC with the level of capital that must exist to return that interest 🤔

Yes , for the one year transitional  period. after that no.  

peteuk

justwhat said:

Dazed_and_C0nfused said:

justwhat said:

Our income/savings interest is normally estimated for TC until the end of april . After April we finalize our SE income and submit the figure to TC. (we usually rush about getting finalized figures)

We have just got our migration letter. Is it better to hold off finalizing income/savings or submit it now.

Estimation was 8k income inc savings interest
However actual is 13kish savings interest . All SE earned income and PAYE was put into pensions.

Migration deadline is mid June. 

i assume its is better to keep the TC award as high as possible before moving over. But i am confused, as the 2 systems regard savings interest differently. And what knock on effect that has.

Can you actually move over to UC and when figures are only estimated for TC?

Will you be eligible for UC with the level of capital that must exist to return that interest 🤔

Yes , for the one year transitional  period. after that no.  

Your incorrect - the cut off for capital is £16K - so with £13K you’ll be able to claim UC.  
What will happen, is for every £250 or part of within £250 over £6K, your claim will be decreased by £4.35.  
If you claim UC your TC will stop however you can use a benefit calculator to see how much UC you’ll get. 

Dazed_and_C0nfused

peteuk said:

justwhat said:

Dazed_and_C0nfused said:

justwhat said:

Our income/savings interest is normally estimated for TC until the end of april . After April we finalize our SE income and submit the figure to TC. (we usually rush about getting finalized figures)

We have just got our migration letter. Is it better to hold off finalizing income/savings or submit it now.

Estimation was 8k income inc savings interest
However actual is 13kish savings interest . All SE earned income and PAYE was put into pensions.

Migration deadline is mid June. 

i assume its is better to keep the TC award as high as possible before moving over. But i am confused, as the 2 systems regard savings interest differently. And what knock on effect that has.

Can you actually move over to UC and when figures are only estimated for TC?

Will you be eligible for UC with the level of capital that must exist to return that interest 🤔

Yes , for the one year transitional  period. after that no.  

Your incorrect - the cut off for capital is £16K - so with £13K you’ll be able to claim UC.  
What will happen, is for every £250 or part of within £250 over £6K, your claim will be decreased by £4.35.  
If you claim UC your TC will stop however you can use a benefit calculator to see how much UC you’ll get. 

It was £13k interest not capital.

Even with the best rates possible of 7-8% that would be capital of best part of £200k

Newcad

Actually, as it's stated then it isn't clear if it's meant as £13k in interest, or if it's intrest on £13k savings, or £13k including the interest on savings.

From the previous line I tend towards the last one and that it should read "13kish inc savings interest".

@justwhat, could you clarify that.

Spoonie_Turtle

I think people have misread the context of that, and there may have been a word missing.

justwhat said:

Estimation was 8k income inc savings interest
However actual is 13kish savings interest .

Seems the £13k is income including savings interest.

Newcad

We cross posted and I agree that "including" was probably what was meant

justwhat

Newcad said:

We cross posted and I agree that "including" was probably what was meant

i have amended it.  I think "huckster" gave me the answer.