Savings and money at end of assessment period UC

kazzyb123

Hi,

We have just moved over to UC from tax credits. At the start we declared how much money we had and in which accounts. My partner is self employed and I get contributions based ESA and PIP.
At the end of the first assessment period we declared my partners income and my ESA.
Our savings take us over the 16K limit but we have transitional protection so getting UC for a year.
At the bottom of the first statement it says money and savings amount which is the same as when we started the claim. Obviously this amount will be different every month because money goes in and out for bills, we don’t always spend all money coming in but sometimes we spend more, sometimes we save sometimes we taken money out.

Do I need to put through a change at the end of every month to say the amount we now have has changed even if we don’t go below the 16K limit? If I do need to put through a change do I need to do that for each individual account?

Thanks

HillStreetBlues

I would say no as long as it stays over £16k, as it makes no difference to your claim and how much UC you would get.

peteuk

As your partner is self employed they will have to declare their earnings, yours will automatically be sent.

Your wage and benefits received are not counted until the next assessment period.  For instance if your paid 28th of the month and your assessment period ends on 30th of each month then the monies your paid on 28th is what you are expected to live off during the next assessment period.  Your other half will receive a years start up period for their business, and after which the minimal floor will kick in. 

Im not sure about inputting your accounts every month, be aware that you will still have a reduction for every £250 or part of between £6K and £16K. Also if you drop below £16K you will loose your TP so if you then go back above it then your claim will stop. 

kazzyb123

HillStreetBlues said:

I would say no as long as it stays over £16k, as it makes no difference to your claim and how much UC you would get.

Just has this reply from them

“If your savings increase or decrease by £500 after the assessment period you would need to re declare your savings”

What a waste of everyone’s time. I don’t mind doing it but it just seems stupid when it won’t change anything at all, also,worried that for some reason it might affect my transitional protection and they will close the claim.

As commented above I thought that it wasn’t counted as capital until the end of the following assessment period anyway so surely I don’t need to put a change through until I declare income on the last day of assessment period 2.

I think I’ll call the CAB helpline again, each month the current account will be different, bills account and savings account and help to save accounts x 2 or do I just declare it all as 1 change of capital amount?

I don’t even know how I would work it out if my partner is self employed and has different money coming in each month.
 If I take the starting capital amount from when we claimed, then work out the total difference in the bank accounts between then and how much is there on the last day of the 2nd assessment period. Then take off whatever has been paid in during the 2nd assessment period as wages and ESA for this period because that’s not capital until next month Would that be right? I’m lost

poppy12345

kazzyb123 said:

HillStreetBlues said:

I would say no as long as it stays over £16k, as it makes no difference to your claim and how much UC you would get.

Just has this reply from them

“If your savings increase or decrease by £500 after the assessment period you would need to re declare your savings”

That makes no sense anyway because if your capital was less than £16,000 you would need to report the changes for every £250 or part thereof over £6,000 and not every £500. 

As you're already over £16,000 there's nothing to report because the TP will apply for 12 months. 

kazzyb123

poppy12345 said:

kazzyb123 said:

HillStreetBlues said:

I would say no as long as it stays over £16k, as it makes no difference to your claim and how much UC you would get.

Just has this reply from them

“If your savings increase or decrease by £500 after the assessment period you would need to re declare your savings”

That makes no sense anyway because if your capital was less than £16,000 you would need to report the changes for every £250 or part thereof over £6,000 and not every £500. 

As you're already over £16,000 there's nothing to report because the TP will apply for 12 months. 

Thanks, you always know the answers to my queries!

kazzyb123

peteuk said:

As your partner is self employed they will have to declare their earnings, yours will automatically be sent.

Your wage and benefits received are not counted until the next assessment period.  For instance if your paid 28th of the month and your assessment period ends on 30th of each month then the monies your paid on 28th is what you are expected to live off during the next assessment period.  Your other half will receive a years start up period for their business, and after which the minimal floor will kick in. 

Im not sure about inputting your accounts every month, be aware that you will still have a reduction for every £250 or part of between £6K and £16K. Also if you drop below £16K you will loose your TP so if you then go back above it then your claim will stop. 

Thanks for the reply, I just really can’t get my head around this. Money paid in assessment period 1 becomes capital at the end of assessment period 2 is that right? So how do I work out the amount of capital so I can report the change? I cant just look at the difference in the bank at the end of assessment period 2 compared to the start of the claim because some of that is income paid in period 2 so doesn’t count as capital yet. Please help, I’m so confused.

Spoonie_Turtle

It's the total minus all income in that assessment period (including benefit payments).

It may help to keep a note of income as you receive it over the month - obviously your husband works his SE income out on the last day, but I mean keeping a note of everything else - then at the end of the AP it should be a case of just subtracting it from the total of your bank account(s).

kazzyb123

Spoonie_Turtle said:

It's the total minus all income in that assessment period (including benefit payments).

It may help to keep a note of income as you receive it over the month - obviously your husband works his SE income out on the last day, but I mean keeping a note of everything else - then at the end of the AP it should be a case of just subtracting it from the total of your bank account(s).

So for example at the end of the week I am at the end of assessment period 2.  I use the total from the end of period 2 and then take off income for period 2. I then find the difference between this figure and the figure at the start of period 1.
If it is more than £500 I need to report a change.
is everyone really doing this? I don’t mind doing it as long as I know what to do I have messaged the journal again to clarify. What a faff I can understand if it changes the claim but it won’t make any difference. 

Thanks for the reply, my Braine does not want to work today

HillStreetBlues

kazzyb123 said:

peteuk said:

As your partner is self employed they will have to declare their earnings, yours will automatically be sent.

Your wage and benefits received are not counted until the next assessment period.  For instance if your paid 28th of the month and your assessment period ends on 30th of each month then the monies your paid on 28th is what you are expected to live off during the next assessment period.  Your other half will receive a years start up period for their business, and after which the minimal floor will kick in. 

Im not sure about inputting your accounts every month, be aware that you will still have a reduction for every £250 or part of between £6K and £16K. Also if you drop below £16K you will loose your TP so if you then go back above it then your claim will stop. 

Thanks for the reply, I just really can’t get my head around this. Money paid in assessment period 1 becomes capital at the end of assessment period 2 is that right? So how do I work out the amount of capital so I can report the change? I cant just look at the difference in the bank at the end of assessment period 2 compared to the start of the claim because some of that is income paid in period 2 so doesn’t count as capital yet. Please help, I’m so confused.

I print my bank statements to coincide with my  UC AP (for me it's 1st on month to last day of month). For example If in those statements I have £1,700 income and have monies at the end of month of £5k  then capital will be £5,000 - £1,700 which is £3,300

kazzyb123

HillStreetBlues said:

kazzyb123 said:

peteuk said:

As your partner is self employed they will have to declare their earnings, yours will automatically be sent.

Your wage and benefits received are not counted until the next assessment period.  For instance if your paid 28th of the month and your assessment period ends on 30th of each month then the monies your paid on 28th is what you are expected to live off during the next assessment period.  Your other half will receive a years start up period for their business, and after which the minimal floor will kick in. 

Im not sure about inputting your accounts every month, be aware that you will still have a reduction for every £250 or part of between £6K and £16K. Also if you drop below £16K you will loose your TP so if you then go back above it then your claim will stop. 

Thanks for the reply, I just really can’t get my head around this. Money paid in assessment period 1 becomes capital at the end of assessment period 2 is that right? So how do I work out the amount of capital so I can report the change? I cant just look at the difference in the bank at the end of assessment period 2 compared to the start of the claim because some of that is income paid in period 2 so doesn’t count as capital yet. Please help, I’m so confused.

I print my bank statements to coincide with my  UC AP (for me it's 1st on month to last day of month). For example If in those statements I have £1,700 income and have monies at the end of month of £5k  then capital will be £5,000 - £1,700 which is £3,300

Thanks, do you report it on the first day of the assessment period. Once I have the capital figure I then need to find the difference from the start of two assessment periods earlier is that right?