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jema Downsizer Moderator
Joined: 28 Oct 2004 Posts: 28235 Location: escaped from Swindon
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sean Downsizer Moderator
Joined: 28 Oct 2004 Posts: 42219 Location: North Devon
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tahir
Joined: 28 Oct 2004 Posts: 45672 Location: Essex
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bimini
Joined: 02 Nov 2004 Posts: 156
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tahir
Joined: 28 Oct 2004 Posts: 45672 Location: Essex
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jema Downsizer Moderator
Joined: 28 Oct 2004 Posts: 28235 Location: escaped from Swindon
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tahir
Joined: 28 Oct 2004 Posts: 45672 Location: Essex
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sean Downsizer Moderator
Joined: 28 Oct 2004 Posts: 42219 Location: North Devon
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jema Downsizer Moderator
Joined: 28 Oct 2004 Posts: 28235 Location: escaped from Swindon
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snowball Downsizer Moderator
Joined: 28 Oct 2004 Posts: 6246 Location: swindon
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snowball Downsizer Moderator
Joined: 28 Oct 2004 Posts: 6246 Location: swindon
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Sarah D
Joined: 28 Oct 2004 Posts: 2584
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Posted: Thu Dec 02, 04 8:15 am Post subject: |
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Thanks.
The previous LETS sytem in North Dorset closed down due to problems with the Housing BEnefit people, who said that any benefit , either money or in kin, derived from the LETS was to be seen as income in kind. ALthough they fought it, they didn't win, and the scheme closed because quite a high number of their meembers were on Housing Benefit; ironic in that these are the People that LETS is designed to help............ This however, was a local council issue, and each council has different rules regarding this, so I didn't go into it in the article. If someone sets up a new group, there will be something in the info they obtain from various sources which can advise on this matter. It's a minefield, really.
Similarly with income tax. A woman from Wessex LETS is being used a sa test case agaisnt the Inland REvenue; she is fighting to say that what she derives from LETS cannot be counted as income in kind, and therefore is not taxable; they are saying it should be counted. As far as I know this case is still going on, and I haven''t heard anything for a while now. In this case, however, the argument would be between the individual and the Inland Revenue.
Credit Unions are quite often affiliated to LETS schemes and vice versa; we (N.D. LETS)support our newly formed North Dorset Credit Union, and we exchange information with them about upcoming events and what's happening generally. |
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wellington womble
Joined: 08 Nov 2004 Posts: 15051 Location: East Midlands
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Posted: Thu Dec 02, 04 11:19 am Post subject: |
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The tax office said (when I asked them) that as long as what you were doing wasn't your profession or main income (ie if you are an accountant offering massage, that's ok. If you are offering accountancy, it's taxable) but that was years ago, and might have changed. The inland revenue you will always win in the end. We usually just pay them, it's quicker.
Can you settle a LETs balance with money if you end up in debt - I know it's not in the spirit, but I haven't joined so far, because I can't really offer anything, although I expect there would be lots of things I could buy. I know anyone can offer babysitting and so on, but am so short of time at the moment its not practical. I will join when I qualify, but I imagine private physio would be an expensive luxury with a small uptake in a lot of communities, so I'm concerned I'll end up in debt - that really wouldn't be fair on other members. |
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Sarah D
Joined: 28 Oct 2004 Posts: 2584
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alison Downsizer Moderator
Joined: 29 Oct 2004 Posts: 12918 Location: North Devon
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