katyc

Wow. Now that really makes you wonder what's going on in the world Really sorry to hear this. I hope something works out for you soon 🤞

I wish my stack was that big but sadly not (yet!) 😁

The stock at year end (also known as "closing stock" is seen as a a sale in a way. So if you have 10k of unsold silver and gold left at year end (which may have, for example, retail value of 15k) then the left over stock COST (10k) is added to your turnover, hence taxed on. Harsh isn't it 😖. However the good news is that following financial year has "opening stock" where it is deducted (so it's balanced back out and you'd get a tax saving the same as the tax you paid). So you have 10k of stock left that's taxed at 19% corporation tax at year end. But it's seen as a minus at the opening of the following year so you get that tax paid back (let's say the next year end you have 12k of stock. It would be taxed less the 10k from last year so then you're only paying tax on 2k the next year). I hope that makes sense. Tough one to explain 😆

That's correct. I guess, in a nutshell, if you're selling an item within a year then you're trading with Corporation tax to pay (if trading in a company). Where as Capital Gains Tax is on disposal of assets you've owned for some time.

Awesome reply/info 👏 😊

Very interesting post btw @Silverlocks 😊

As someone who used to do VAT returns for a living (back in the day), I think you make a good point. Although @Silverlocks made another good point re: buying with already taxed money ehen going down the personal route, which is an important consideration. If gold or silver did rocket (and that's your profit plan) then I'm guessing the persoanl route would be the way to go. I'm not up to date on legislation nowadays, but I believe if we do buy and sell it personally (using British coins, hence avoiding CGT) - then we need to wait at least a year of owning a coin until selling it, otherwise it is seen as trading (as a sole trader) in HMRCs eyes. If anyone knows for sure please confirm as I could do with knowing myself for when I come to sell my stack 😁

😆 I've edited it to say ".925 Sterling Silver"

Good afternoon all! I've sold 925 silver earrings on the internet for years. (As a side note that is one of my businesses/jobs and separate from my personal gold/silver investing) The earrings are just £10 to £20 a pair - usually between 1.5g and 3.5g of 925 in each which isn't much. But if you have hundreds of returns over the years it builds up a little! So, I have been collecting my returns and think I should send it somewhere to cash in (probably not worth much, but am interested all the same to see if worth doing going forward). There is enamel on most and some have crystals and CZ stones, so whoever I sell to would need to have the equipment to do whatever is needed to melt down and remove/dispose of the non-silver content. There's loads of "We buy your gold and silver" sites. But I want someone reputable and have no idea who to go to. Which brings me to this post. Hiya! 👋 I also have some stock not shifted for years so thinking I may as well sell it as scrap (despite the fact I'll probably get between 25% to 50% of what I paid for for each pair - at least it's something back). There are probably thousands of pairs to get rid of.... Any recommendations? Thanks in advance!

Jeez, how lazy are they to not take some pictures of their own? Very interesting story. You've put me off them now. I'd better go to a well-known Blackpool dealer instead.... 😉

I was thinking it was too good to be true. Would be an amazing expensive door stop!

I've just tried again - with the 100oz and now it's USA only 🙄 But the Brits work. Not that impressive anymore is it... 😆 May as well stick with this forum as some of the awesome members can beat the Brit price at times!

No, I checked and if you set up an account - you select UK item and UK delivery - it definitely is £1742 (as at this moment 7th Sept 2022!) - but you do have to spend minimum 5k, yes. This is why I started this post as it is a good price isn't it? 🤔

Mornin' all! Have any of you tried Goldcore.co.uk? I can only find reviews on eKomi (which I know nothing about, hence the cynic in me wonders if they could be manipulated). On Companies House they seem to have been going since 2008 (they are not in TSF Dealer Directory). I'm not ordering from them, but am interested for the future consideration.... 🤔 Some of their prices are decent e.g. tube of Brits £555 (which includes VAT). A huge 100oz bar of silver is £1742 (including VAT). In comparison to Baird Mint - who's very reasonable on prices - who charge over 2k (including VAT) for a 100oz bar. Although I believe a 100oz could be hard to shift when it comes to selling. (Note that they also sell EU and outside EU items - I'm just concentrating on the "UK items storage or delivery" products on their website. Also, their gold prices are not anything worth writing home about at the moment). So I just wondered if anyone's used them before or if there are any smarty pants who know how to dig further online (I'm not as internet savvy as I used to be!) Minimum order is 5k (so I definitely wouldn't be ordering for a long time!) - maybe that explains the reasonable prices.... They arrange storage or you can have delivery (which is free). @GoldDiggerDave will do a bit of sick in his mouth at the thought of a 100oz bar....

Wow. Very good points there. Madness.

One thing that I always wondered about is if you lose your job you get unemployment allowance (something like £75 a week I believe). But if someone earns 100k a year they pay over £34k Tax/NI a year. If someone earns 50k they pay appx 12.5k in tax/NI. 20k earning is appx £2.5k. 15k is £800. The tax brackets are fair because someone on 15k can't afford to be paying more and that's totally fine. But when any of these people lose their job (through no fault of their own) they all get 75 quid a week unemployment allowance. Is that fair? Really...? 🤔

I was born and bred in a council house so my views are very open minded. Although I can't deny I do sway further to the right because I have businesses which, of course, is in my best interest. No one is ever right or wrong in politics. It's situational for each individual and I respect everyone's views✌️ 🕊️

Yes, many now ask for guarantors because during Covid the Government banned evictions. Therefore many tenants decided not to pay rent - knowing they could get away with it - and wouldn't be evicted. So landlords had no rent coming in and couldn't do a thing about it. Thanks to those people - and the government being fools - it's now harder for good, hard-working people like yourself because we are now demanding guarantors for added security. The Gov recently released a white paper looking to change this going forward (i.e. potentially evict non-paying tenants within 2 months) which is fairer so landlords may loosen up on the guarantor requirements.

...and another random thing I realised recently is how debt widens the rich/poor gap further with interest rates. Poorer people who live on the breadline may need payday loans which are charged at insane interest rates. Whereas people in a position to invest (e.g. in property) pay about 3% interest on properties. So the cost of debt is massively imbalanced further widening the rich/poor gap. It's a vicious circle for some people 😔

And this is where another problem lies... it's getting so much harder for the young 'uns to get on the property ladder as prices are hiking so it's harder to get a deposit. This means they have higher overheads, are more skint and it widens the poor/wealthy gap. I do feel the government should do more to help first time buyers. Although, to be fair, they do try at times. But post-covid house prices have gone mental - and I think most of it's down to the Airbnb brigade wanting to cash in on the massive demand on UK holidays. But it doesn't seem fair - they need more houses for residential use or prices will keep rocketing. There's a huge shortage in residential rentals at the moment because landlords are leaving the market due to the tax changes. An example is they may be bringing in a law that by 2025 all properties must be EPC C or above. But if you have Victorian houses it's actually almost impossible. And they expect you to spend up to 10k improving each. Now imagine having 10 houses and spending 10k on each. You don't have that just sitting in the bank. So landlords are off and the shortage on rentals is really bad at the moment which is driving demand, hence rents, up even more.

Yes, that's exactly right. The Government took away the council houses and then landlords are hated for providing houses and making rent money - but people would be homeless without them! It's now illegal for landlords to refuse benefits tenants. But at the end of the day a landlord can choose who they think is "right" for the property, so the rule isn't exactly forced on us really. I go with my gut. If someone looks genuine and can provide a guarantor, I'll take them on no matter what they do for a living. But I do go for high quality rentals which generate slightly higher rents, hence usually people who earn a bit more than average for the area (generally, not always). But where I may, for example, make an extra £100 a month compared to a similar property on the same street which isn't refurbished as nice - I do spend 5 to 10k more on my refurbs. So it takes anywhere from 4-10 years for me to get that extra expense back. Which isn't a benefit for me as it is due a refurb by then anyway! So I get maximum rents - but don't actually make more money! I simply do it because I hate that so many landlords out there give us a bad name with disgusting dirty houses with threadbare carpets (plus, of course, I want to attract quality tenants who look after the houses). As for the Polish, I'm a big fan! I've worked with many over the years. Hard working and polite. I am biased... my partner is Polish (but I thought this before we met, ha ha!) Houses are much cheaper in Poland too. But it's not the concrete jungle people assume it is. Lublin, where my other half is from, is a lovely small aviation town and many locals live on the outskirts in beautiful unique houses with lots of land around them. But yes, house prices are much cheaper over there. I'm even tempted to invest there one day! 😊

That's a really good point actually, makes total sense.

I totally agree. You could sell 10,000 items flawlessly and one customer could say "it's a fake" then you're guilty until proven innocent 😏

Yes, I hear this a lot. I'm OK for now but it's getting very hard and profits lower each year. The key is getting a brand and having packaging with a trademark otherwise the Chinese sellers come in and undercut you. It's an awful place though. Amazon are amazing to their customers but how they treat their sellers is beyond shocking (because even if they make millions from one seller - they don't care if they leave because the customer base is still there - they'll still buy from Amazon but off another seller, so Amazon don't care!) I've paid them millions (and I really mean millions!) In fees and commission over about 12 years (sadly I make nowhere near that myself in profit!) and I don't even have an account manager or anyone to talk to. They'll close your account at the drop of a hat. It causes so much stress and anxiety, which is why I got in to property. So I no longer feel as anxious as my risk is spread. But I can't deny that if not for Amazon (even eBay back in the day) I wouldn't have those properties. So it's a love, hate thing!