Universal Credit

(asked on 15th February 2019) - View Source

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment her Department has made of the practicality of requiring the owners of limited companies to provide company financial accounts when applying for universal credit.


Answered by
Alok Sharma Portrait
Alok Sharma
COP26 President (Cabinet Office)
This question was answered on 20th February 2019

The Department does not require owners of limited companies to provide company financial accounts when applying for Universal Credit. Self-employed earnings are reported on a simplified 'cash accounting' basis, which asks for the total income from receipts into the business and details of payments out of the business under defined categories during the assessment period. The requirements were designed to be as simple as possible in order for self-employed claimants to easily report their earnings.

The Department has therefore not made an assessment.

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