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Money, savings and investments

unclebob

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.

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Comments

poppy123456

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.

unclebob

poppy123456 said:

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

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

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.

unclebob

poppy123456 said:

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.