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How RSU affect UC

13

Comments

  • huckster
    huckster Posts: 5,307 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Once you have left over earnings related amounts beyond one monthly assessment period, they become savings.
    The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.
  • mikailman
    mikailman Posts: 10 Forumite
    First Post
    I see. 

    Whatever money I have left now, is actually mostly capital and little bit of savings. 

    How do I notify UC the amount of capital and savings?
  • huckster
    huckster Posts: 5,307 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    On UC claim under report a change of circumstances option where you will find money savings and investments section to complete.
    The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.
  • mikailman
    mikailman Posts: 10 Forumite
    First Post
    After updating the amount of capital and savings (which will exceed 16k), how is UC gonna consider the surplus earning? 

    Do I need to categorically mention/notify to UC that the surplus earning is 'converted' to capital/savings? 
  • huckster
    huckster Posts: 5,307 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    UC will close the claim and you can reclaim once capital and savings below £16k
    The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.
  • Yamor
    Yamor Posts: 648 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    mikailman said:
    UC considered the 30k as surplus earning. 

    As I sold some shares, not all, how should I report it? Savings 6k and Capital 24k? 

    And how the earnings will be converted into capital/savings?


    I would consider requesting an MR and appealing this decision, as although the vesting of the RSUs is taxable income subject to PAYE, it is not income for UC purposes.

    The other issue you will have is that you potentially have capital over £16k. However, as long as you are unable to dispose of the shares, then you would have a strong argument that their value should be heavily discounted, and worth much less, if anything at all.
  • gtanvir
    gtanvir Posts: 10 Forumite
    First Anniversary Name Dropper First Post
    Its been six months I have not received any UC. The account still remains open. I asked them what should I do or what will be done to my claim. They said they have to wait for next payment. 

    My question is, should I close the claim and re-claim/re-apply again? According to their automated calculation, the surplus is still there, but I dont have that much in savings in reality and I should be receiving some UC.

    What should I do now? I had a feeling the person I talked to over the phone or the person who communicated over the journal are not very familiar with how surplus earning work.
  • huckster
    huckster Posts: 5,307 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Report any change to money, savings and investments.

    If you have 6 UC assessment period statements showing zero is due, the claim will be closed. You 
     can then access the claim and make a reclaim. 
    The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.
  • kaMelo
    kaMelo Posts: 2,863 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Just to be clear, are you @mikailman posting under a new name?
  • gtanvir
    gtanvir Posts: 10 Forumite
    First Anniversary Name Dropper First Post
    kaMelo said:
    Just to be clear, are you @mikailman posting under a new name?
    Oh yes. I didn’t notice I logged in using my other account. 
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