UC Declaring Savings

Megan7898

Please can I ask advice. Universal credit Do you declared total savings under £6k or just when total savings is nearly £6k and if total savings under £6k should be reported every month then is this for every single change e.g. each £ up or down. Confused

KxMx

You declare anything over £6000.

The deduction applies to increments of £250.

So you'd declare £6100, then nothing again until it was £6251 etc. 

Megan7898

So no need to declare anything under £6k?  I had a review last month and declared £1629 total savings at end of assessment period at the review and at end of assessment period this month I have total savings of £2200 so do I declare the new total or not. Also am I suppose to keep track of any cash I take out of bank, will I be asked what I have spent it on

born_again

No need to declare under £6k.

Unless you have another assessment, they will not check on your spending.

KxMx

I know the reviews you mean, unless you are over £6000 then there is no need to report.

Even if you have another review you are unlikely to be asked about day to day cash spending, as you are way under £6k of capital

peteuk

IT depends on why your asking.  

If your declaring capital you dont have to declare anything until you hit the £6K level.  Then you have various disregards to take into account (Benefits paid in that assessment period, back payments (depending on the amount, Cost of Living payments if you recieved them and then show youve not spent them) 

If its youve been asked to show them your accounts for a set period, then you need to provide all your accounts, and sometimes they will question a paypal account. 

TELLIT01

If you have been declaring savings of under £6k on a regular basis, I'm disappointed but not particularly surprised if your Work Coach (I think that is the term) didn't let you know it wasn't necessary.

ElwoodBlues

I think I got asked to declare savings/capital as part of my initial claim for UC. I'm under 6k, but had to state the amount anyway, and UC have the amount visible on my record. Obviously it fluctuates a bit month to month, but I've never updated the amount. As it's stayed under 6k never thought I needed to, but the wording on the UC portal implies that you should be telling them regardless.

Megan7898

Some people are saying you need to declare total savings in your journal at end of each assessment period even if under £6k. Is this correct

Spoonie_Turtle

It's not correct.

You need to report any changes that affect your UC payment.  Savings under £6,000 don't affect it at all.