💷 Curious about how much you can earn while still receiving Universal Credit? Here’s the scoop!
Universal Credit is a lifeline for many in the UK, providing financial support for those on low income or out of work. But what if you’re employed? Don’t worry—earning money doesn’t necessarily mean losing out on your benefits!
Here’s what you need to know:
1. **Flexible Earnings:** There’s no cap on the number of hours you can work. As your earnings rise, your Universal Credit reduces by 55p for every extra £1 you earn. If your earnings drop, your Universal Credit increases. Simple!
2. **Work Allowance:** If you’re responsible for a child or have a disability affecting your work, you might qualify for a work allowance, which means you can earn a bit more before your Universal Credit payments start to adjust. If you get help with housing costs, you can earn up to £411; if not, up to £684.
3. **Self-Employment:** Report your earnings every month. This includes any income, pension contributions, and business transactions. Your Universal Credit will be tailored to these reported earnings.
4. **Keep the DWP Updated:** Notify any changes in your circumstances ASAP—whether it’s a new job, a new child, or a change in savings—to avoid having to pay money back.
5. **Payment Adjustments:** If your circumstances change and you stop receiving Universal Credit, fear not! If it’s been less than six months since your last payment and your earnings drop again, payments can restart automatically. Beyond six months, a reapplication is needed.
With all these nuances, staying informed can ensure you get the support you need while working and planning your finances smartly. Use the benefits calculator on GOV.UK for a personalised estimate on how your earnings might impact your payments. 📈
Stay financially savvy and take control of your earnings and Universal Credit benefits! 💪✨
Need more tips? Explore ways to boost your money management skills today! 💡