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Farm Business
Agricultural Matters
The change from tax credits to universal credit.
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<blockquote data-quote=".David" data-source="post: 9132954" data-attributes="member: 184671"><p>I’m hoping to find out a little of peoples experience of moving from claiming tax credits to claiming universal credit. We’ve been informed that later this year we will get notice and a deadline to move to universal credit. A quick search on the internet comes up with a couple of stories from the likes of the NFU and Farmer Weekly, they explain the shortfalls of the new system when applied to the self employed and especially when the work is seasonal. With universal credit you have to provide your profits on a monthly basis, meaning getting your accounts up to date, valuing stock, etc every month. As far as I can tell if you make a loss in a particular month they won’t count it as a loss, instead they will use a “minimum income floor” based on 35h per week at minimum wage, and this figure will be used to make your calculation, loosing reward that month. On the other hand if you sell a batch of stock in a particular month and make a large profit for that month then that figure is used without any averaging to make your claim loosing reward in that month also. Under the tax credit system your profits are averaged out over the year so you receive a similar payment each month.</p><p>Another worry is that it would appear that my business will be assessed to see if it is viable, a coach will be provided to help me through the process but they may ultimately advise me that my low income business isn’t viable and that I should seek other employment. </p><p>I don’t like the idea that I’ll have to go and be probed at the job centre and I dare say that the fact that I grow tons of beef a year and pay out thousands to help keep other local businesses going won’t matter. </p><p>I know claiming any sort of benefit can be a bit of an embarrassment, it certainly is for me. Myself and my wife had never claimed anything until we had children. But now she doesn’t like my suggestion that we aught to get ready to do without.</p><p>I’d be interested to hear any ones experience and any tips on how to make it work. Cheers.</p></blockquote><p></p>
[QUOTE=".David, post: 9132954, member: 184671"] I’m hoping to find out a little of peoples experience of moving from claiming tax credits to claiming universal credit. We’ve been informed that later this year we will get notice and a deadline to move to universal credit. A quick search on the internet comes up with a couple of stories from the likes of the NFU and Farmer Weekly, they explain the shortfalls of the new system when applied to the self employed and especially when the work is seasonal. With universal credit you have to provide your profits on a monthly basis, meaning getting your accounts up to date, valuing stock, etc every month. As far as I can tell if you make a loss in a particular month they won’t count it as a loss, instead they will use a “minimum income floor” based on 35h per week at minimum wage, and this figure will be used to make your calculation, loosing reward that month. On the other hand if you sell a batch of stock in a particular month and make a large profit for that month then that figure is used without any averaging to make your claim loosing reward in that month also. Under the tax credit system your profits are averaged out over the year so you receive a similar payment each month. Another worry is that it would appear that my business will be assessed to see if it is viable, a coach will be provided to help me through the process but they may ultimately advise me that my low income business isn’t viable and that I should seek other employment. I don’t like the idea that I’ll have to go and be probed at the job centre and I dare say that the fact that I grow tons of beef a year and pay out thousands to help keep other local businesses going won’t matter. I know claiming any sort of benefit can be a bit of an embarrassment, it certainly is for me. Myself and my wife had never claimed anything until we had children. But now she doesn’t like my suggestion that we aught to get ready to do without. I’d be interested to hear any ones experience and any tips on how to make it work. Cheers. [/QUOTE]
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The change from tax credits to universal credit.
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