UC declaring money in bank (rent money)

_Jem_

itsthelittlethings said:

_Jem_ said:

huckster said:

Benefit money does not become savings until after the end of the next assessment period.

So that would mean I wouldn't include the rent money?

I think you declare it all and apply to have it disregarded.

That does make sense and doesn't make it look like I'm trying to hide money.

peteuk

To put it in plain English, forget the rent money.  You need to declare on the last day for your assessment period all the money you have.  To then work out what is capital take that sum and remove any benefits or income recieved during the assessment period.

So if you have £3000 at the end of the assessment period but £1500 was your income and UC £500, your capital would be £1000. You then use the £3000 to pay bills, food ect.  So come the end of the next AP what ever is left say £1500, but youve again had wage and UC in the AP, then your total may be £3500, so £1500 is capital (£3500 minus £1500 income UC and £500 UC)

born_again

_Jem_ said:

When updating my savings I will have my rent money in my bank account do I exclude that? the UC AP falls on a Sunday and the rent comes out on the Monday, I was going to update the savings on the Sunday and exclude the rent money as it will be out of my bank on the Monday.

So are you on the cusp of either £6,000 or £16,000?

As we are under £6K, we do not declare anything each month. Only time UC ask is when they do a review & want a total of all funds in bank accounts.

_Jem_

born_again said:

_Jem_ said:

When updating my savings I will have my rent money in my bank account do I exclude that? the UC AP falls on a Sunday and the rent comes out on the Monday, I was going to update the savings on the Sunday and exclude the rent money as it will be out of my bank on the Monday.

So are you on the cusp of either £6,000 or £16,000?

As we are under £6K, we do not declare anything each month. Only time UC ask is when they do a review & want a total of all funds in bank accounts.

I'm over £6,000 but no where near £16,000.

Saying that the ISA shares is rapidly increasing.