Universal credit

[Whatwear]

Uc savings I have 10k of inheritance but still claiming tax credits at the minute I receive £86 for 2 children we don't get anything for our 3rd child born after April 2017 I earn about £1200 and my partner £1300 so we're no high earners we're also entitled to transitional protection will we be entitled to anything don't comment unless you know about Universal credit please thanks..

I don't want to live of our savings if I don't have to I want to save it for a house move etc to buy furniture removal van etc.

I would say no. The reason being there is a £6,000 savings limit. But I would check on a benefits website or Citizen advice bureau

This isn't quite correct - benefits are reduced with savings over £6k and stop at £16k

You can have up to £16,000 which would stop your claim but they start deducting a small amount from your UC if you have £6,000 plus.

But universal credit won't see it like that..... they will see you have money plus your wages. As I said previously check on a benefits website. I think its called turn2us sorry not sure of the name

One thing that makes a difference is do you rent or own? If you rent you are more likely to be entitled to more.

It’s just savings, it doesn’t matter that it’s inheritance surely!?

However if you don't rent your work allowance is higher

You will still receive some UC

Standard allowance - £617.60
First child - £333.33 (assuming born before 6/4/17. £287.92 if born after)
2nd child - £287.92
Total = £1,238.85

Earnings minus work allowance
£2500 - £673 = £1,827

Earnings deduction
£1,827 x 0.55 = £1004.85

Total - earnings deductions = total UC
£1238.85 - £1004.85 = £234

Savings deduction on the £4k over £6k.
£4.35 on every £250 or part of £250.
16 x £4.35 = £69.60

Total UC - savings deduction = total UC received
£234 - £69.60 = £164.40

More if you rent, have childcare costs, have disabled DC, are a carer.

It is exactly how UC will see it. Savings up to £6k do not reduce the award. Savings between £6k and £16k reduce the award.

https://www.entitledto.co.uk/

Really easy, quick way of finding out.

We rent.

Thank you for the calcution so how much would my payment be roughly?

£164 a month??

We've never had any help with rent we pay that from our wages does it still count as needing help with rent??

I got £344 a month in child tax credits it's a massive drop to only get that much.

She wasn't including your rent.

Without rent it would be £164.40. Although you would also have transitional protection, which I didn’t include because I didn’t realise the £86 mentioned in your OP was the weekly amount.

But you say you rent, so it will be more. For those who rent, UC includes a housing element. How much more will depend on if you rent from the council/housing association or if it is a private rental. If the former, how much your rent is and if you are subject to the bedroom tax. And if the latter, how much the local housing allowance for your area is.

We don't pay bedroom tax it's a council house and rents about £440 two bedroom it's all exhausting just thinking about it and iv even not even applied yet. I'm also not sure when to apply my wages go into my bank on the 3rd and partners goes in on the 26th iv heard doing it on a certain day in a month causes two earnings in an assessment period I'm not clued up on it at all really.

So

Standard allowance - £617.60
First child - £333.33 (assuming born before 6/4/17. £287.92 if born after)
2nd child - £287.92
Rent - £440
Total = £1,678.85

Earnings minus work allowance
£2500 - £404 = £2096

Earnings deduction
£2096 x 0.55 = £1,152.80

Total - earnings deductions = total UC
£1,678.85 - £1,152.80 = £526.05

Savings deduction on the £4k over £6k.
£4.35 on every £250 or part of £250.
16 x £4.35 = £69.60

Total UC - savings deduction = total UC received
£526.05 - £69.60 = £456.45

More if you have childcare costs, have disabled DC, are a carer.

Applying mid month would be best.

If you and DH are paid 4 weekly then one, possibly 2 if your wages aren’t aligned, assessment period will have 2 pay days which would mean you wouldn’t receive any UC that month.

Thanks for your help I'm useless at calculations especially as I don't really know the system so if I apply on the 15th would that work?

15th September?

It depends when works best for you to receive your Uc payment. If you applied on 15th september then your UC assessment period would run from 15th -14th of every month with UC payment on 21st of each month.

Any day it won't cause 2 wages in an assessment period would be good lol I'm clueless.

How often are you paid?