Calculating Capital for Universal Credit

ConfusedAboutIt

Hi, 

I’m just trying to work out my capital over the last 4 months for my review. 

Assessment period 23rd-22nd.

Totals in mine and partners accounts on 22nd
Account 1: 2119
Account 2: 1764
Account 3: 1708
Account 4: 1142 

Total in accounts - 6733

Our earnings from work during this assessment period was: £3863

Am I right in thinking our capital will be worked out as 

6733-3862=£2870 - Capital

Spoonie_Turtle

ConfusedAboutIt said:

Hi, 

I’m just trying to work out my capital over the last 4 months for my review. 

… 

Total in accounts - 6733

Our earnings from work during this assessment period was: £3863

Am I right in thinking our capital will be worked out as 

6733-3862=£2870 - Capital

That's how it should be worked out as but the review team don't seem to automatically do it.

Did you receive Cost of Living Payments and if so, did you spend them or did they accumulate?  If any of them accumulated then they should be disregarded and sometimes that can be a simpler way of getting them to calculate your capital to correctly be under the threshold, although they will then want statements going back further to confirm that you didn't spend them.

When you upload the statements, definitely send a message to highlight the last few payments of income during the AP (which includes benefits payments by the way, they're not capital until any that's left in the following assessment period) because money cannot be both income and capital in the same AP. 
[They already took deductions for wages as earnings so they can't also take deductions for your wages saying they're capital.]

ConfusedAboutIt

 Spoonie_Turtle said:

ConfusedAboutIt said:

Hi, 

I’m just trying to work out my capital over the last 4 months for my review. 

… 

Total in accounts - 6733

Our earnings from work during this assessment period was: £3863

Am I right in thinking our capital will be worked out as 

6733-3862=£2870 - Capital

That's how it should be worked out as but the review team don't seem to automatically do it.

Did you receive Cost of Living Payments and if so, did you spend them or did they accumulate?  If any of them accumulated then they should be disregarded and sometimes that can be a simpler way of getting them to calculate your capital to correctly be under the threshold, although they will then want statements going back further to confirm that you didn't spend them.

When you upload the statements, definitely send a message to highlight the last few payments of income during the AP (which includes benefits payments by the way, they're not capital until any that's left in the following assessment period) because money cannot be both income and capital in the same AP. 
[They already took deductions for wages as earnings so they can't also take deductions for your wages saying they're capital.]

I received cost of living payments of £900 and these were spent as I was in my overdraft at that time. 

So even in the statement period where on the 22nd I had £6733 in my account, my wages alone would take me below the £6k limit? Should I message this in the journal or just wait until the review to discuss with the UCR team

This is my first review so I’m stressing even though there’s nothing to stress about!

Spoonie_Turtle

Okay so CoL payments are irrelevant here.

Yes I'd definitely send a message to remind them that X amount was income from your wages paid on dd/mm and therefore not capital.  I haven't yet heard of them getting it right themselves (but you never know, maybe in the future!) so definitely best to point it out to them.