UC assessment period and COL payments

Crystal16

Hi,

If my ap runs from 20th to 19th of each month which date counts as the balance in your bank, the 20th or the 19th, it always confuses me.

If I received all of the col payments, £1850, and my balance  has never gone below that instead of £6000 when you have to inform uc of a change would mine be £7850 before a change.

Thanks

Crystal16

Sorry I also meant to ask what's the difference between income and capital, is capital basically what you have in your account for that ap

NedS

The relevant date is the last day of the assessment period, so for you that is the capital balance on the 19th of each month.

Crystal16

NedS said:

The relevant date is the last day of the assessment period, so for you that is the capital balance on the 19th of each month.

Thank you x x

huckster

Given that the last COL payment was issued in February 2024, UC may ask for Bank statements going back in time, to confirm that there are residual amounts of COL left over. 

COL payments were made to help with increased cost of living at the time, so the expectation is that COL payments would have been spent at the time.

Crystal16

huckster said:

Given that the last COL payment was issued in February 2024, UC may ask for Bank statements going back in time, to confirm that there are residual amounts of COL left over. 

COL payments were made to help with increased cost of living at the time, so the expectation is that COL payments would have been spent at the time.

Thank you, I am a few hundred below the 6000

Spoonie_Turtle

Crystal16 said:

Sorry I also meant to ask what's the difference between income and capital, is capital basically what you have in your account for that ap

Income becomes capital if it is not spent by the end of the AP after the one in which it was received.

So basically to determine your capital at the end of an assessment period, add everything up, then minus income you received in that AP (benefit payments, wages if applicable).  What's left is capital, then minus any disregarded amounts such as the COL payments.

Crystal16

Spoonie_Turtle said:

Crystal16 said:

Sorry I also meant to ask what's the difference between income and capital, is capital basically what you have in your account for that ap

Income becomes capital if it is not spent by the end of the AP after the one in which it was received.

So basically to determine your capital at the end of an assessment period, add everything up, then minus income you received in that AP (benefit payments, wages if applicable).  What's left is capital, then minus any disregarded amounts such as the COL payments.

Thank you so much for this,  sorry for sounding a bit thick but would you be kind enough to give me an example.  If I had £3400  at the beginning of my ap then benefits of £1100 and £500 wages went in how would I work it out for the next ap.

Thank you xx

Spoonie_Turtle

Crystal16 said:

Spoonie_Turtle said:

Crystal16 said:

Sorry I also meant to ask what's the difference between income and capital, is capital basically what you have in your account for that ap

Income becomes capital if it is not spent by the end of the AP after the one in which it was received.

So basically to determine your capital at the end of an assessment period, add everything up, then minus income you received in that AP (benefit payments, wages if applicable).  What's left is capital, then minus any disregarded amounts such as the COL payments.

Thank you so much for this,  sorry for sounding a bit thick but would you be kind enough to give me an example.  If I had £3400  at the beginning of my ap then benefits of £1100 and £500 wages went in how would I work it out for the next ap.

Thank you xx

Beginning of AP1: 3400
Income: 1100+500
End of AP1 capital = 3400

Let's say you spent nothing (just for simplicity)

End of AP2: capital = 3400+1100+500

BUT let's say you spent 1000
Would mean end of AP2: capital = 3400+100+500

BUT because in each AP you'll be getting income, on the last day of an AP the simplest thing is just to do:
Total in bank accounts - income during that AP - disregarded payments = total capital.

Crystal16

Spoonie_Turtle said:

Crystal16 said:

Spoonie_Turtle said:

Crystal16 said:

Sorry I also meant to ask what's the difference between income and capital, is capital basically what you have in your account for that ap

Income becomes capital if it is not spent by the end of the AP after the one in which it was received.

So basically to determine your capital at the end of an assessment period, add everything up, then minus income you received in that AP (benefit payments, wages if applicable).  What's left is capital, then minus any disregarded amounts such as the COL payments.

Thank you so much for this,  sorry for sounding a bit thick but would you be kind enough to give me an example.  If I had £3400  at the beginning of my ap then benefits of £1100 and £500 wages went in how would I work it out for the next ap.

Thank you xx

Beginning of AP1: 3400
Income: 1100+500
End of AP1 capital = 3400

Let's say you spent nothing (just for simplicity)

End of AP2: capital = 3400+1100+500

BUT let's say you spent 1000
Would mean end of AP2: capital = 3400+100+500

BUT because in each AP you'll be getting income, on the last day of an AP the simplest thing is just to do:
Total in bank accounts - income during that AP - disregarded payments = total capital.

Again thank you, it makes a lot more sense now you have written it out for me!