Liquid Goldfish Posted March 4, 2014 Share Posted March 4, 2014 Big fat zero as far as I can see. Over £16K means no benefits. Quote Link to comment Share on other sites More sharing options...
SarahBell Posted March 4, 2014 Share Posted March 4, 2014 (edited) Big fat zero as far as I can see. Over £16K means no benefits. No hb anyway. Buy a house with the money. Live n it and work self employed. Any tax credits you might get you might not if UC comes in properly as you are deemed to earn minimum wage for the number of hours you say. Edited March 4, 2014 by SarahBell Quote Link to comment Share on other sites More sharing options...
byron78 Posted March 4, 2014 Share Posted March 4, 2014 (edited) So - I've unexpectedly been given the chance to live rent free on the south coast for a year, if I want to come back to the UK. My mind started clicking over and, assuming no rental costs, what would be be suggestions for maximising the benefits drain on the exchequer? I could have a year doing something productive like learning a new language, and not working. Keep your suggestions legal Assume: UK citizen, 1+ kids (i.e. we could pump a couple more out if we wanted) Savings over 150kGBP (although I could buy a property overseas, which I think makes that ignored legally for means assessments?) no disabilities - no, wait, I do have aspegers and bad eyesight! could work contract / be self employed if I wanted would still have to cover heating, light, TV, internet, council tax, etc no garden for food I totted up what the last three generations have given the UK taxman and it's Waaaaaaaaay more than they ever took out, so.....who knows, there might even be a running story for you lot on HPC if it works... You'll get jack with savings. If you didn't have them, maybe £120-£150 a week tops given your kids (and that your housing is already sorted). The benefit thing is overstated by the media who highlight the very exceptional cases of people raking it in and present it like it's the norm. In reality it's not as easy to game the system as many think. Shame you don't have 1.5M to spend. I'd say buy a farm. Then watch the benefits flood in... Edited March 4, 2014 by byron78 Quote Link to comment Share on other sites More sharing options...
mrtickle Posted March 4, 2014 Share Posted March 4, 2014 You'll get jack with savings. FALSE. Why are so many people ignoring all the responses and discussion, and then just posting the same wrong answers to the end of the thread as if this is a write-only forum? As already pointed out, they'd get Tax Credits and Child Benefit, regardless of savings. Quote Link to comment Share on other sites More sharing options...
Harry Monk Posted March 4, 2014 Share Posted March 4, 2014 You'll get jack with savings. I get £210 a month in Tax Credits and I have £45,000 in savings. Quote Link to comment Share on other sites More sharing options...
ZeroSumGame Posted March 4, 2014 Share Posted March 4, 2014 Just tried Self-employed full time Wife not working One child under 18 Total income from all sources £2K (yes 2000) Total tax credit of £719 per calendar month. Living the dream...................... Now you try..... http://taxcredits.hmrc.gov.uk/Qualify/EntitlementResults.aspx Quote Link to comment Share on other sites More sharing options...
byron78 Posted March 4, 2014 Share Posted March 4, 2014 Just tried Self-employed full time Wife not working One child under 18 Total income from all sources £2K (yes 2000) Total tax credit of £719 per calendar month. Living the dream...................... Now you try..... http://taxcredits.hmrc.gov.uk/Qualify/EntitlementResults.aspx I know a few that tried that. You'll need to prove you're meeting the minimum working hours and actually working properly (receipts etc). Of course, if you're genuinely starting out in business they'll be no problem (and why should there be?) The ones that fudge it invariably find themselves paying it back though so be careful. Frankly less than 8.5K a year with a kiddie is a lot less than most people think folk are getting from the system as well. Quote Link to comment Share on other sites More sharing options...
byron78 Posted March 4, 2014 Share Posted March 4, 2014 (edited) FALSE. Why are so many people ignoring all the responses and discussion, and then just posting the same wrong answers to the end of the thread as if this is a write-only forum? As already pointed out, they'd get Tax Credits and Child Benefit, regardless of savings. It's a pittance though isn't it? As I said, the total you'll get is maybe £120-£180 a week with a kid in a couple. Savings = no HB which is far and away the biggest benefit. Edited March 4, 2014 by byron78 Quote Link to comment Share on other sites More sharing options...
wherebee Posted March 4, 2014 Author Share Posted March 4, 2014 Thanks All - so the only benefit would be child benefit (locked in as long as one does not earn over 50k) and tax credits (if you arrange your work to do enough hours). Will have to think about it. By the way, I did say no illegal methods - lots of you deserve slapped wrists! Quote Link to comment Share on other sites More sharing options...
workingpoor Posted March 5, 2014 Share Posted March 5, 2014 (edited) 150+ K knocks you out of all benefits If no savings just play with this calculator and all will be revealed. No rent is one thing but you still need to pay council tax or rates (NI). Remember to include it in your figures. http://www.entitledt....uk/calculator/ you got it anyway... You qualify for (non means tested) contribution based jsa if you have paid full class 1 NI contributions for 2 yrs prior to signing on. You will get this for up to 26 weeks. after which time you will switch to income based jsa and be means tested and shown the door. how do i know? Just been made redundant and am currently signing on for contribution jsa £71 p/w paid fortnightly. i have a letter quoting the above from DWP adjudication office. £70k savings Edited March 5, 2014 by workingpoor Quote Link to comment Share on other sites More sharing options...
wherebee Posted March 5, 2014 Author Share Posted March 5, 2014 So - what happens with the benefits calculator if you set up a company, hire yourself out to firms through the company, and keep the income to the individual under 20k a year? Save the dividends until a different tax year? The calc covers self employed, but not (as far as I can see) self established companies... Quote Link to comment Share on other sites More sharing options...
DabHand Posted March 5, 2014 Share Posted March 5, 2014 AFAIK the only thing you can manage with those savings is job seekers allowance, which is maybe eighty a week. They means test the others. Nope, that contributions based only. Difficult if he's coming in from another country - also it last 6 months only. Quote Link to comment Share on other sites More sharing options...
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