Everything you need to know about universal credit

Everything you need to know about universal credit

Everything you need to know about universal credit

Universal Credit / August 20, 2021

If you are on a low income or unemployed, you may be wondering what options you have to make ends meet while you are looking for a job. The UK government offers Universal Credit to those who meet their criteria. Here’s everything you need to know about Universal Credit, including how to work out if you are eligible, how much you will get and your responsibilities.

Am I eligible for Universal Credit?

You will be eligible for Universal Credit if:

- You are unemployed or on a low income
- You are 18 or over
- You and your partner have under £16,000 savings between you
- You live in the UK

How much will I get?

Your Universal Credit is a single payment, and the amount you get will depend entirely on your circumstances. For example, if you are on a low income, but are still earning, the amount you will get will differ from someone who is unemployed.

Here are the basic universal income amounts:

  • Single and under 25: £344.00
  • Single and 25 or over: £411.51
  • In a couple and you’re both under 25: £490.60
  • In a couple and either of you is 25 or over: £596.58
  • If you have children, Universal Credit can help you cover the cost of looking after your children.
  • For your first child: £282.50 (born before 6 April 2017) or £237.08 (born on or after 6 April 2017)
  • For your second child: £237.08 per child

If you have housing costs, such as a mortgage or rent, Universal Credit may be able to cover some of the costs.

What are my responsibilities?

If you are eligible for Universal Credit, you will be expected to do certain things to keep your Universal Credit payments. Usually, this will include looking for work regularly. If you do not keep up with your obligations, your payments could be stopped.

Want to learn more about Universal Credit?

At Taxcare Accountancy, we offer expert Universal Credit advisory services. We know everything there is to know, so you will never have to worry about applying for Universal Credit. Get in touch with our team today to discuss your options.

Tags
Universial Credit
Employment
Income
How can we help you ?
Contact our Taxcare Expert today
Contact us

Affordable Pay-monthly Packages

We offer a full range of services to limited companies, solo trader, partnership, charity, LLP, CIC as well as individuals. We have arranged our services into easy to choose packages that suit your needs.

Start-up
£ 60  / Month (+VAT)

This price plan is suitable for the start-up companies who are not VAT registered.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Payroll & RTI submission for 1 employee
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • Assisting with correspondence from HMRC and Companies House
  • Unlimited face to face advice and email support
  • 1 Director
  • 1 Shareholder
  • Annual turnover should be less than 80K
Recommended Plan
Limited Company
£ 100  / Month (+VAT)

This price plan is suitable for the companies who are VAT registered and turnover is less than 100K with a couple of employees.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 2 employees
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • MTD VAT returns submissions – quarterly
  • Unlimited face to face advice and email support
  • 1 Director
  • 1 Shareholder
  • Annual turnover should be less than 100K
Company Pro
£ 150  / Month (+VAT)

This price plan is suitable for the companies who are VAT registered; turnovers are more than 100K and have 2 directors and shareholders.

  • Company formation (if required)
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 5 employees (Free)
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • Unlimited face to face advice and email support
  • 2 Directors
  • 2 Shareholders
  • Annual turnover should be less than 200K
Company Premium
Let's talk.  / 

This bespoke price plan is suitable for the companies who are VAT registered, with more directors, shareholders and employees. Also, annual turnover is more than 200k and requires further bespoke services.

  • Company formation
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission all employees
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for the all Directors (Free)*
  • Unlimited face to face advice and email support
  • Flexible and can be discussed
  • Annual turnover should be more than 200K

Add on Services

  1. Personal Tax Returns

    This price plan is suitable for self-employed individuals, landlords and those who need to submit Self-Assessment Tax Returns.

    If you need to submit the Self-Assessment Tax Return, we can offer you competitive prices starting from £150 + VAT. Price can vary according to your nature of income. Please contact us for more details.

  2. Tax Investigation
  3. Business Legal Support
  4. Company Formation
  5. Business Mentoring
  6. ARA accounting services for ATOL & ABTA travel companies

    Our commitment to you is that we’ll ensure all the information we’ve submitted to the Civil Aviation Authority is up-to-date and accurate. 

Find out more

Hundreds of industry leaders are powered by Taxcare


"
Shyamal and his team are a outstanding Group of accountants.They are very knowledgable about all aspects of business tax and more.They always respond very quickly to phone calls and emails.They are always very good at reminding you of timelines and dates regarding filing vat/tax returns etc.Would highly recommend anyone looking for piece of mind and a great service. Michael.
Jjm fashions Kidzzone, Ilford
Jjm fashions Kidzzone, Ilford Michael
"
I have been very impressed with Taxcare Accountancy over the years. The team are extremely professional and are able to assist with all queries. Would definitely recommend.
Soaring Heights Care
Soaring Heights Care Creanna Dodson
"
Been with Shyamal bhai and his team for last 4 years , very bespoke and professional service. My accounts are been well recorded and reported on time. Follow ups are accurate. great customer service. Many thanks.
Taurus Investment Advisor Raj Kothari
"
Highly recommended they have done my accounts for over a year now, very professional and hassle free as they are on top of everything that needs to be done. Thank you
Ben Armstrong
"
Taxcare has made life easy for me. As a small business owner, I don't have to bother with complex tax issues, so I have ample time to focus on growing the business. I don't know how they do it, but their service is tailored to suit my business needs! I'm always prompted on deadlines! If this isn't value for money, I don't know what is! Thanks Shyamal and your team!
Imperial Training Centre
Imperial Training Centre George Kossi Agbenyikey Jnr
"
We have worked with Taxcare Accountancy for many years and have found them to be extremely helpful in all aspects of my business and personal financial requirements. In addition they are extremely well informed and helpful, which is why I would not hesitate to recommend their services.
Gatestone
Gatestone Ltd
"
Taxcare Accountancy is very proactive and they know exactly what they are doing. They helped us organise our bookkeeping and accounts, and with their help we are much better organised, financially. We would recommend their services to anyone in need of professional accountants.
Buildeo
Buildeo
"
Taxcare Accountancy is very professional and very knowledgeable regarding my business. I don't see them as my accountant, they treat me as a friend, and they give me advice regarding my tax matters like how you talk to your friend. I'm very happy with the service and recommend them to everyone.
Cristina's-Steak
Cristina`s Steak
"
Really good! Proactive, knowledgeable and helpful. From the outset we received excellent forecasting, sound advice and support. Not only are they very professional and proficient accountants but they are a thoroughly pleasant bunch of people to do business with. We would highly recommend Taxcare Accountancy.
Freshbaffs
Freshbaffs Ltd
"
Over the past few years, our business has grown and developed quite extensively, it is without a doubt as a result of working with Taxcare Accountancy, that we have been able to grow and develop the business to where it is today. We feel that Taxcare Accountancy really understands our business and works with us in helping us achieve our goals and together with their all-round knowledge, we now do not have to seek advice from various sources.
Rocket Estate Agents Ltd

Contact info

Tax Advice That Helps Your Business Grow.

© Copyright Taxcare Accountancy Ltd 2023. All Rights Reserved.

Taxcare Accountancy was formed to provide Small & Medium Businesses with an affordable, proactive and professional accountancy services…