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Notifying UC about my savings

Rosabug

I understand that I have to tell UC if my savings exceed a threshold of £6000.
I currently have about £6500 amount in my bank account.
I have a paid part time job and my last UC payment was approx. £700.

My questions are:
1) Do my savings actually exceed £6000, or am I supposed to deduct my last UC payment from my bank balance to calculate my 'savings', i.e. £6500 (bank balance) - £700 (my last UC payment) = £5800 (savings), meaning that my savings are below the threshold?
2) If I do need to notify UC, when do I need to do this, should this be on the last day of my assessment period?

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Comments

Cher_Alumni

Hi @Rosabug

I'm sorry your post hasn't garnered a response yet. I've done a little research but am not yet 100% sure of it's reliability so your post has been tagged as 'unanswered' for the meantime. If I can verify some information and get back to you, I will do asap!

Thanks for reaching out and I'm sure we'll get you those answers. Bear with us.

poppy123456

Income such as earnings and benefits are not classed as capital until the end of the period they are paid for.

Your UC entitlement is based on your circumstances on the last day of your assessment period. If you have more than £6,000 on that date then you need to report this. There’s a £4.35/month deduction for every £250 or part there of over £6,000.

Rosabug

Thank you Poppy.
Just want to make sure I've got this ABSOLUTELY clear:
Is it that on the last day of my assessment period, my 'savings' is the actual total amount of money I have in the bank?
On my UC homepage, it says "The amount you get is based on your circumstances from 12 May to 11 June 2023", is it on the 11th of June that I would have to notify them (If of course the total amount in my account remains over £6000)?

calcotti

Rosabug said:
Just want to make sure I've got this ABSOLUTELY clear:
Is it that on the last day of my assessment period, my 'savings' is the actual total amount of money I have in the bank?

If you did not have any earnings then the account in your account would be capital.
Because you have earnings then the earnings should be ignored as capital unless something is left over at the end of the earnings payment cycle.