What to put for saving universal credit

carteroo5
carteroo5 Community Member Posts: 28 Contributor
in Benefits and income

Hi, I'll soon be receiving a one off lump payment of £6225 from a private pension, This will be emergency taxed.

As soon as the payment hits my bank, I will be paying out £1-1.5k on loan and credit card debts. Can anyone advise what I change my saving to on universal credit, Is it the whole amount of £6225 or do I put the amount after emergency tax?

I understand that this shouldn't affect my universal credit payments as it's a lump sum. But I'm unsure which amount I put as savings??

Also can anyone advise as to what I put in the comment section to say about the payment on UC.

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Comments

  • OverlyAnxious
    OverlyAnxious Community Member Posts: 6,482 Championing

    Hi,

    As long as you'll be staying below £16,000 in total, you don't need to declare this immediately.

    Just declare total savings in your accounts on the final day of the Assessment Period.

    The emergency tax gets taken before it reaches your account as far as I'm aware, so that won't be included.

    There isn't a comment section on the UC savings declaration. It only allows you to type the number and the bank account name. You could put a note in the journal comments section afterwards if you like, but personally I have found they don't read/respond to them anyway so I wouldn't, unless they specifically ask for confirmation.

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