frugalman

1 minute ago, BackyardBullion said:

Are you buying the coins to sell within a few months specifically for profit? Are you using the proceeds of sales to buy more and then sell more too? That could be interpreted as trading by HMRC.

If you are buying coins and holding for a year then this is easily a personal investment not trading. 

Even if you sell within a short time, that is fine, it's just if you do it over and over and over again.

Have a read of the badges of trade.

Well thanks BYB that's really reassuring I held most of my bits and bobs for lots longer than that. I guess I'm a born worrier. 

When I sell, I will sell in one go. But it will still take a long long time. It would probably take over a year. 

Thank you for putting me straight and giving me the info.

Kind regards, Frugal.

Just now, BackyardBullion said:

If you bought silver with you own money, not a ltd company bank account then as a sole trader it won't make a difference unless you actively act as a trader for those metals.

Pretty much unless you are buying and selling on a very rapid turnaround you will be fine. 

What would be considered rapid? It all adds up when you been squirreling the metal away. One coin that I have could go over the 2 thousand pound mark, thats well over the £1,000.

7 hours ago, BackyardBullion said:

The following is not formal financial or tax advice, it is my opinion and interpretation of the rules around this topic. I would recommend speaking to a qualified financial expert for definitive advice. 

Have a good read of the Badges of Trade from HMRC and if you think you are fitting into these then selling would probably be a trade therefore you would be taxed. 

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim20205

From memory everyone has a £1000 TURNOVER (not profit remember) allowance for hobby style business but that will get eaten up super fast with PM's.

If you are already registered as self employed I would highly recommend two things. First, get a business bank account in your trading name and all actual work related payments go in there. Then you have your personal account which can be used when you are selling assets that do not fit in the badges of trade. Keep good records of what you sell and when and should you ever get audited by HMRC (unlikely but not impossible) then you are prepared for it. 

 

Yes backyard bullion seems I will have to get a business account and use my normal debit account separate. I'm not on uni credit and I don't like to overwork but I have a regular bunch of clients that keep me ticking over and a steady relationship with the tax man (he even gave me £400 to last me over the entire furlough  ). 

I'm just worried that he will see my own personal collection of metal objects that I bought with my own spare cash (that I have never really considered selling up to this point) as assets. 

3 hours ago, sixgun said:

What line of business are you self employed in?

6 hours ago, BackyardBullion said:

 

 

If you are already registered as self employed I would highly recommend two things. First, get a business bank account in your trading name and all actual work related payments go in there. Then you have your personal account which can be used when you are selling assets that do not fit in the badges of trade. Keep good records of what you sell and when and should you ever get audited by HMRC (unlikely but not impossible) then you are prepared for it. 

6 hours ago, BackyardBullion said:

The following is not formal financial or tax advice, it is my opinion and interpretation of the rules around this topic. I would recommend speaking to a qualified financial expert for definitive advice. 

Have a good read of the Badges of Trade from HMRC and if you think you are fitting into these then selling would probably be a trade therefore you would be taxed. 

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim20205

From memory everyone has a £1000 TURNOVER (not profit remember) allowance for hobby style business but that will get eaten up super fast with PM's.

If you are already registered as self employed I would highly recommend two things. First, get a business bank account in your trading name and all actual work related payments go in there. Then you have your personal account which can be used when you are selling assets that do not fit in the badges of trade. Keep good records of what you sell and when and should you ever get audited by HMRC (unlikely but not impossible) then you are prepared for it. 

 

Hi, Thanks for your reply. Mainly fencing, hedges and landscape gardening 5 yrs SE now (always paid in cash, putting some in the bank for vitals). Just got in and started reading and called for dinner so will reply in full in a bit. Thanks again. 

Just a quick 2 questions on when it comes to selling in the UK.

How much can you sell before you are taxed?

If you are already self employed, does this count as earnings or savings?

I got a few goals. 

Have enjoyed my time on the forum and hope I have not been mistaken for a fiat shill.

I wish only for the purchase of gold and silver to be perceived as being patriotic (Which indeed it is!).

Thank you and best wishes F. 

This fascinating topic will do for a good read in the long winter nights.

I remember the buzz of excitement at the time.

Seems the more you buy, the more you help the fiat system.

They would look good in a display next to the real medal. I don't get the newspapers coz there full of ***t.

Glad to see this advert though.

Tiny victorian toy sovs and half sovs are around if you know where to look and can sell for more than real ones

Lest we forget. 

WOW that's a massive blob of gold😲.

My Gibraltar 2020 £1 coin is only half the size and a much worse deal lol. 

1 hour ago, TeaTime said:

£50 in 1725 (the first time they were issued) would be worth about £12,000 today... 😁

I was talking about back in the day (my day lol) But you are making the point even more significant.

Banks don't like you storing cash outside of the banking system because they would lose any velocity it had, they don't really encourage saving within the banking system, they prefer you to borrow from them.

Even buying gold and silver keeps the fiat fully inside the banking system.

I believe there are databases of serial numbers for the larger denominations.

Otherwise why would they bother in marking them?

Forgive my grammer.

10 hours ago, James32 said:

Take up a while lot of room though 😁

Highest note is £50 when it should be at least £500 compared with inflation since it's release back in the day. A £500 note would take up less space and would be easy to track and recover, but it would not make any money for the banks. 

If you store cash fg sake write the numbers down. even as proof of ownership  

Difficult to say when I've just recovered the premiums back on last months purchase.

I may turn to fractional for a bit.

On 10/11/2021 at 07:43, Abyss said:

I am unsure about the legality of doing this but I am certain employers that abuse there positions. I recently visited a solicitor for legal advice and wanted to pay for the service with £50 notes and the receptionist refused to accept. I quoted these are newly minted £50 note by the bank of England and it is legal tender but she still refused to accept. Left no other option but to pay via debit card. I now have in my possession four £50 given to me and my family and tried twice to spend them to no avail. Looks like no other option than to visit the bank.

Do you write the serial numbers down? They all look the same that way round.

I accept them lol 

1 hour ago, slinkyjynx said:

1 hour ago, slinkyjynx said:

Philharmonics by far! I bought 10 loose from Chards earlier this year and they all look awful now. You know that look of galvanised steel when it's exposed to weather? Yeah...

The dealer is quite innocent and probably oblivious to the fact.

I think its down to the polarity of the blanks but that's bad press and top secret knowledge so I removed my explanation. 

Brits maples philharmonics.

Can the royal mint please research and develope some kind of new demagnetization process To accompany their other new technological advancements in minting  

Regards, A. Theory.    

Georgian London.

To help ascertain value and ID maker you need better zoom and complete item photos.

How many spoons?

Are they basting spoon or tea spoon size?

Any damage and are the bowl tips worn?

Regards, F.

Just now, Liam84 said:

I can see what you mean, maybe it is a production error on all of them. As far as rough handling goes though a sealed tube from the mint doesn't mean they weren't knocked about before going into the tubes. As long as they come out at weight and have been struck it seems that's all the RM care about with most bullion. I imagine they're shimmied, shuffled and bounced about into their runners 🤪

They are all off center in the same place the beading starts and finishes in the same place and i can tell they were produced in exact order. Unfortunately I may have moved a few out of place. so it will take me hours to put them back in order. hindsight isa lovely thing lol. 

I meant this years gold Brit. We are still in 2021 lol

7 minutes ago, Liam84 said:

Could be rough handling post production has caused some of it but iffy QC during production is definitely a culprit here.

I opened the seal myself.  Can you see the beading between the grooves? I cant think of another 1oz blank with beading between the grooves apart from last years gold Brit had dots. Totally the wrong size for this of coarse.

Last photo I promise. I'm starting to see things that aren't there now 

5 minutes ago, Jvw said:

I haven't seen any, but haven't been paying attention either  

I noticed less than a second after opening the tube. you cant really miss them. the edges look ugly.

1 minute ago, Jvw said:

Welcome to the forum! And interesting error for sure!!

Thanks Jvw I'ts a great place and I'm slowly finding my way around.

 We could have sent theBrits back but decided to keep them for the novelty. There a bit crazy looking but from a reliable source lol. I have 25, be interesting to hear of any others out there. Correct size and weight. with a slight oval of less than a mil showing up on my calipers.  

Yes, its a great feeling and knowing that its an investment costing nothing at all rather than a pure extravagance is part and parcel for me.

Research has shown that making shopping decisions can help reinforce a sense of personal control over our environment. It can also ease feelings of sadness. ... In this study, those who actually purchased items were also three times less sad, when compared to those who only browsed.

I'll go along with that one from google lol

3 hours ago, HerefordBullyun said:

Fixed that for you. Have you been spying on me? I tell ya its the best 39 seconds of anyones life from me!

Images of Mr chips with a bullseye T shirt on. Thanks lol

Keep pumping em out 

1 hour ago, frugalman said:

Good video thanks for posting.

250 bullion coins per hour sounds about right for 2014, I wonder how many press machines they operated. Did they increase the amount of machines for future demand or just whack the revs up. And how many of the older more experienced guys still work there.  

The guy states that the mint produces up to 250 bullion coins per hour, meanwhile the press in the background is pumping out at at a rate of more than one per second lol.