Universal Credit worth it? Universal Credit worth it?
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  1. #1

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    Default Universal Credit worth it?

    My contract ended in end of July and taken some time off, but now fearful of how long its goinmg to take to find a BA contract. My contract company business account has £25K after paying up all recent VAT and corp tax. I'm thinking of stopping my 9K year salary and claiming Universal Credit to protect the business bank balance whilst navigating my way through the worst recession in UK history.

    Has anyone else done this? Is it worth doing?

  2. #2

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    Quote Originally Posted by hgllgh View Post
    My contract ended in end of July and taken some time off, but now fearful of how long its goinmg to take to find a BA contract. My contract company business account has £25K after paying up all recent VAT and corp tax. I'm thinking of stopping my 9K year salary and claiming Universal Credit to protect the business bank balance whilst navigating my way through the worst recession in UK history.

    Has anyone else done this? Is it worth doing?
    How many dependants do you have, do you rent or own ?


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  3. #3

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    Quote Originally Posted by GhostofTarbera View Post
    How many dependants do you have, do you rent or own ?


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    no dependents. renting on my own...

  4. #4

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    Yes apply

    You will get £0


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  5. #5

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    Quote Originally Posted by GhostofTarbera View Post
    Yes apply

    You will get £0


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    why?

  6. #6

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    You’ll probably get 80% or 100% of rent and 90£ pw. Heard that they are easy with it as well, some kind of universal income but not quite so.
    It’s not a lot of money but if you believe push will come to shove... go for it.
    The central banks are too busy bailing out the financial system, they are printing excessive ammounts and getting everyone at the top ultra rich.
    I don’t think you should feel quilty either.
    Pay what debts you have outstanding, taxes etc to have a clear picture. Car finance. And if you question it will come for it apply.
    It’s 4w/6w waiting I think so you should anticipate.

  7. #7

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    Isn't this a duplicate of the thread in accounting?
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  8. #8

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    I work on a personal policy of if I need it and an eligible then claim it but if someone is eligible and wants to put the time in I have no problem with them claiming on the grounds they have probably paid for it in tax.

  9. #9

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    Quote Originally Posted by hgllgh View Post
    why?
    If you have more than £6K in any bank account forget claiming. Also, if you have a mortgage, own a car or any other assets making your net worth more than £6K then they will expect you to only claim when you go under £6K I believe.
    Last edited by uk contractor; 3rd September 2020 at 14:33.

  10. #10

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    Quote Originally Posted by uk contractor View Post
    If you have more than £6K in any bank account forget claiming. Also, if you have a mortgage, own a car or any other assets making your net worth more than £6K then they will expect you to only claim when you go under £6K I believe.
    Its £16K. ANd I doubt very much they take you car into consideration

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