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Capital question

mama101

hello all,

just wondering if someone can help as not sure if we need to declare this or not for last assessment period I did call UC yesterday but I didn’t fully understand and then felt embrassed to ask them to repeat so wondering if you lovely people may be able to help. Basically my husband is best man at a wedding and he is organising the stag do so he is collecting everyone’s money then paying it all off. So even know it isn’t our money I am aware that it is in his account so therefor capital for the period it is there. From the lady I spoke to yesterday she said we need to add up all our money across all accounts/savings accounts on the last day of our assessment period which is the 16th. Then take away any income and UC and that is the amount we would need to report is that correct ?

So for example (not exact numbers just rounded)

On 16th we had:

Husband account 1: £133

Husband account 2: £2900 (stag money)

My account:£230

My account 2: £0

Savings/shares account: £2980

Total: £6243.

income for this accesment period:

Husband wages: £2200

UC: £980

Total to report £3083?

Is this correct? Docent seem right to me but not sure.

Thank you

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Comments

poppy123456

Yes, that is correct. Your benefits and any earnings are not treated as capital until the end of the following assessment period after you receive them, if there's anything left. Therefore the amount you need to have reported is £6,243, which would have meant a £4.35 deduction in your UC.

mama101

thank you very much. Sorry I just want to make sure I am declaring the right thing for assessment period. So just to confirm if in all accounts we had £6243 on 16th in accounts but in same assessment period we got £2200 in wages and £980 we still declare the £6243? Or is the captial counted as £3083 untill next assessment period to see what money was left?

poppy123456

Yes you declare the £6,243. The money you received for earnings and benefits payments are not treated as capital until the end of the following assessment period after you received them. (if there's anything left)

OverlyAnxious

Poppy, I think they are asking whether they should deduct the wages and UC from the overall total - bringing it below £6k before declaring.

I would say yes - however it isn't quite that simple in practice, as I've found from my own capital & income calculations.

poppy123456

https://forum.scope.org.uk/discussion/comment/969944#Comment_969944

I didn't read it as that based on the first comment with the separate total amount of capital at the top and earnings, with UC payments underneath giving a separate amount.

Yes, I understand it's not as simple as it seems and it's really complex. This is a question that many people ask.

mama101

Thank you for your help! I have decided just to declare it as I have nothing to hide and would rather do this and they said it is fine than not do it and not follow rules.