Benched

[Old Greg]

Well, heres the thing - its a grey area.

Last few times I claimed they asked me who my last employer was, then looked a bit confused. Never asked me how much money the company had at all. All they asked me was personal savings.

Whether this was right - who knows. But I have heard of people who have been asked about company funds.

As it happened last time for me didnt matter - company funds were zero in any case.

Trouble is you have to issue a P45 to yourself and obviously cant pay a salary whilst claiming JSA. Paying dividends - another grey area but a bit dodgy.

You said before that you were open and above board with them, so didn't you volunteer the info about how much was in company funds?

[Bunk]

You said before that you were open and above board with them, so didn't you volunteer the info about how much was in company funds?

I always understood his comments to mean that he answered their questions truthfully but if they didn't ask the right questions then he didn't volunteer the information. In other words, he knows he's exploiting badly trained or unknowledgable (I'm not even sure that's a word ) staff but he's happy to go along with that.

[NickFitz]

You said before that you were open and above board with them, so didn't you volunteer the info about how much was in company funds?

If you check the Professional forums, you'll find lots of places where people have explained that the company's money is not your own personal money.

If the dole ask about your savings, the company's money doesn't count, pure and simple. If they ask about investments you hold, then your shareholding in your company does count. But the fact that a company in which you hold shares has the wherewithal to pay you a dividend doesn't make any difference to your personal financial situation until it actually does so.

I don't know how they calculate the value of investments when working out your entitlements, but it shouldn't be any different to the way they treat shares you hold in any other company, if they're to be consistent with the legal status of a limited company as a separate legal entity.

(Though with the corrupt and venial scum we currently have running things, "shouldn't be" and "isn't" aren't necessarily synonymous terms.)

[Wanderer]

the company's money is not your own personal money.

The company's assets (including cash at hand) belong to the company and this is ultimately the property of the shareholders.


If I were the director/shareholder of a non-trading and cash rich company with minimal tangible assets, liabilities or ongoing running costs then I would be very, very careful about claiming to have no savings or liquid assets.

Just saying....

[lukemg]

Does any of this matter if you are just after the basic JSA ?

[NotAllThere]

... In other words, he knows he's exploiting badly trained or unknowledgable (I'm not even sure that's a word ) staff but he's happy to go along with that.

The usual words would be "outsourced" or "offshored", but "unknowledgable" is perfectly acceptable.

[IR35 Avoider]

According to the below web page "stocks and shares" are one of many items that count as savings. So if you didn't include the value of you company shares in "savings" when asked, and got extra benefit as a result, you've probably committed benefit fraud.

Savings rules for under 60s - Entitledto

[kal]

Does any of this matter if you are just after the basic JSA ?

+1, Don't you get 6 months worth of contributions based JSA for which it doesn't matter how much cash/gold/diamonds you have stashed away? Its only after that, that they care?... I may be taking rubbish but I only ever claimed the dole for 2 weeks 20 yrs ago when I left University before landing my first graduate job

[fullyautomatix]

According to the below web page "stocks and shares" are one of many items that count as savings. So if you didn't include the value of you company shares in "savings" when asked, and got extra benefit as a result, you've probably committed benefit fraud.

Savings rules for under 60s - Entitledto

WHS

On some forums I have read instances where people were even jailed. The law will catch up at some point if you are being very economical with the truth. What some people do not realise is the investigative power of the benefits departments. Once you get convicted and jailed kiss goodbye to your contracting career.

[d000hg]

Have you read the new Bridget Jones book MP? I think you might find it strikes a chord...