Money, savings and investments — Scope | Disability forum
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Money, savings and investments

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unclebob
unclebob Community member Posts: 117 Courageous
Only just noticed that now Universal Credit have added this when you check payments. What i want to know is a business account inclueded in this, i read online it's not.


Money, savings and investments


You must tell us if this changes so that we can pay you the correct amount on time.

The first £6,000 of your money, savings and investments does not affect your payment. If you have over £6,000 up to £16,000, every £250 reduces your Universal Credit by £4.35. For any remaining amount that is not a complete £250, a further £4.35 is also deducted.

Comments

  • woodbine
    woodbine Community member Posts: 11,646 Disability Gamechanger
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    I suppose the question might be "where did you read online"that it's not ? Any money/savings/investments count as capital.
    2024 The year of the general election...the time for change is coming 💡

  • poppy123456
    poppy123456 Community member Posts: 54,127 Disability Gamechanger
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    You need to report everything to them. If you're gainfully self employed your business assets will not be taken in consideration. If you don't tell them, they will find out. You can't just disregard something yourself, only a decision maker can do this. 
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
  • unclebob
    unclebob Community member Posts: 117 Courageous
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    You need to report everything to them. If you're gainfully self employed your business assets will not be taken in consideration. If you don't tell them, they will find out. You can't just disregard something yourself, only a decision maker can do this. 

    Hi Poppy I never knew until today when i looked in Payments that it had changed. I never got any letter or notification. Yes, I am gainfully self-employed.I have to report my earnings every month to UC, so does that mean any money in my business account is not included? I know they never took any notice of it before.
  • unclebob
    unclebob Community member Posts: 117 Courageous
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    woodbine said:
    I suppose the question might be "where did you read online"that it's not ? Any money/savings/investments count as capital.
    On this link https://www.understandinguniversalcredit.gov.uk/new-to-universal-credit/self-employment/#:~:text=If you are gainfully self-employed your business assets will,held in your business account.

    It says 

    Business assets
    If you are gainfully self-employed your business assets will not be taken into account when you make a Universal Credit claim. Nor will they be considered when we work out how much Universal Credit you are entitled to. Business assets include things like machinery, premises and cash held in your business account.

  • poppy123456
    poppy123456 Community member Posts: 54,127 Disability Gamechanger
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    Yes, they are disregarded but you still need to report them for a decision maker to disregard them, This has always been the case, you can't just disregard something yourself. 
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
  • unclebob
    unclebob Community member Posts: 117 Courageous
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    Yes, they are disregarded but you still need to report them for a decision maker to disregard them, This has always been the case, you can't just disregard something yourself. 
    They have never asked me how much i have in my business account ? and i have not seen anything mention on forms i fill in.

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