If you’re thinking of starting work, either on a part-time or self employed basis it’s a good idea to consider applying for Working or Universal Credit to boost your income. The amount you’ll be able to claim is completely dependent upon your current situation. Your compensation will depend on many factors such as your age, to the number of hours you work and your overall earnings. Working out how much you’re entitled to can seem daunting at first, but with a little bit of research it’s easy to calculate how much you’ll receive.
Working Credit and Part-time work
There are many benefits you can get whilst working part-time such as income support or jobseekers allowance. In order to receive support you need to be working less than 16 hours per week with a partner who works less than 24 hours per week. Its important to note that income support is often available if you’re a single parent.
The level of allowance you receive is greatly affected by your income and any assets you hold. This being said, any business assets are considered exempt and are ignored when you make a claim. Business assets can be anything from money in a business bank account to work premises or a vehicle used for work. Of course you can also claim housing benefit and council tax support to help with your overall income.
At the start of 2018, a number of changes will be occurring with the Universal Credit system. The six-week waiting period that has traditionally come with Universal Credit is going to be reduced to five weeks from February 2018. The initial seven day waiting period is going to be scrapped to help speed up the payment process. In addition, those on Universal Credit will also be able to request a month’s payment in advance, which will act as an interest-free loan. This will then need to be paid back over the next 12 months.
In addition, all Universal Credit claimants who start in December will be able to receive an advance of 50% of their monthly payment and a second advance of up to 100% in the New Year. In addition, as of April 2018, those already receiving some form of housing benefit will be able to continue for two weeks after their initial Universal Credit claim. This means that it will be easier to maintain income and pay the rent before making the transition to Universal Credit.
In terms of part-time work, under Universal Credit you’re expected to look for work until you earn the equivalent of 35 hours billed at the national minimum wage (Depending on your ability to work). In addition, if you’ve transitioned from income support to Universal Credit, you won’t be limited to working 16 hours a week. In terms of rent, the government is aiming to help claimants by paying housing fees straight to the landlord.
Research, research, research!
All the changes made in the 2017 autumn budget can be viewed here. When the budget was released Phillip Hammond didn’t mention any concrete revisions to jobseekers allowance, personal independence payments or other forms of support allowance. Whether you have a temporary job, a part-time job or going on Universal Credit there’s a wealth of information available to support you. It’s important to do your research in order to make sure you get the maximum income support available to you.
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