Universal Credit – You may be eligible (29 May 2020)
With the ongoing Coronavirus crisis if you have lost income then you may be entitled to Universal Credit.
Universal Credit is a monthly payment to help with your living costs. You may be able to get it if you’re on a low income, out of work or you cannot work.
Everyone claiming Universal Credit needs to report their self-employed earnings at the end of each monthly assessment period. This includes company directors, even those paying themselves by PAYE.
You’ll need to report payments into and out of your business in the assessment period. This includes:
- total amount your business received
- how much your business spent on different types of expenses, such as travel costs, stock, equipment and tools, clothing and office costs
- how much tax and National Insurance you paid
- any money you paid into a pension
Your Universal Credit payment will be based on the earnings you report at the end of each monthly assessment period.
Remember if you don’t claim then you definitely don’t get it. If you claim then at least there is a chance.