sixgun

If you consider it a hobby you enjoy it is possible. If you have watched videos on silver refining, although it is pretty straight forward it has several stages and needs some equipment. For a one off 5 kg i would say it is not worth it. If you got it refined that is possible but when you add in the time and cost of getting the Sterling, getting it refined and then cast into a 5kg bar i would say it would be as cheap to buy the silver shot. Then you need to get it made into a bar. A 5kg bar is a big bar - i would question why you would want such a bar. These are not easy to sell on - people don't want to lumber themselves with such a massive bar. Then of course you have a bar which is an unknown bar. Big bars are treated with some suspicion - that they might have been drill and are fake. All in all unless you are going to make this a hobby to refine silver and get the licence to use the nitric acid (not a big issue but you should get one), i would give it a pass. If you want to get a kiln and make some bars again there is expense. For one off projects it is not viable.

i would say the vast majority of people here are not trading - they aren't buying stuff to sell on. They collect bits and pieces, they change their minds, they rearrange their collections. So there is the £1000 turnover of online sales / year / person. There is also the sale of chattels - https://www.gov.uk/government/publications/chattels-and-capital-gains-tax-hs293-self-assessment-helpsheet/hs293-chattels-and-capital-gains-tax-2019 Chattels are your personal items - it could be furniture, jewellery, coins, bars clothes, paintings, pots and pans..... Now read this carefully - HMRC says you 'need' (need - since when would i need) to declare GAINS on the disposal of chattels where the proceeds are more than £6000 AND the chattel is not exempt from CGT. So let's run over an imaginary situation were as i remember all your coins are UK coins and so exempt from CGT. At that point you can go back to sleep. Plus of course if you are also acting on behalf of your wife, mother, father, brother, blah blah for some of the sales and then you can lump in their allowances for chattels. We must also remember your CGT allowance of £12,300 and as always you are selling on behalf of family members as well. Really when you start thinking outside the box and not like a slave for the vast major of members who are not traders there should be no need to be paying tax to Her Majesty's thieves and pirates. So you sell as Jim Smith an ordinary bloke who isn't doing this as a trade, business - just a hobby that all his family is involved in. ps - Now i am reading further on - as we see HMRC say you need to declare gains from the sale of A chattel which realised more than £6000 and was subject to CGT. It says a chattel which means ONE chattel. It says on the webpage that if you sell a set of chattels, the set counts as A chattel. So if you sold a set of coins as one item it would count if it was more than £6000. So if you sold a chattel (or set this week) and then some other chattel next week these would be separate chattels and it resets the counter. Seems to me unless gold goes to the Moon no-one here who isn't trading and we aren't traders here - we're hobbyists, it is going to be hard to breach the chattel threshold and we can forget this matter.

i have seen a few offer payment by instalments on the forum. It is rare. It is rare in general. It involves risk on the side of the seller and when the vast majority pay upfront in full with a cash bank/paypal transfer, why take the risk. i don't think i would sell by instalments unless i knew the buyer well. Here are some examples for credit deals:

From what i know the VAT on silver in the Netherlands is 21%. Since 1st July 2021 there have been a lot of changes in cross border VAT into and within the EU. You need to do a lot of checking. Now i see on the Dutch website it says "Tax levied on imported goods All goods including silver imported from outside the EU come under the Dutch governments sales tax law. However, as long as the goods are not traded, the 21% VAT tax will not be levied." https://www.amsterdamgold.com/en/buy-silver/tax-free-silver

This criminal stole £455 in the first sale shown here. The current listing is a new sale - another fake 'coin', it says in the sold listing "Bidding has ended on this item. The seller has relisted this item or one like this" Or one like this b/c it is a new listing of another worthless copy. The previous one sold. He will keep listing these and making bundles of cash.

This time he is a bit confused as he titles it up as a full sovereign and then later in the listing he says it is a "half gold sovereign 1841." Looking at the previous listing it says: Bidding has ended on this item. The seller has relisted this item or one like this Report this fake https://ocswf.ebay.co.uk/rti/compose?items=224541311736&seller=chriscow-43&rt=nc&_trksid=p2047675.l2566 https://ocswf.ebay.co.uk/rti/compose?items=224541311736&seller=chriscow-43&rt=nc&_trksid=p2047675.l2566

It's nearly mine too!!!

i posted to the seller "You do know it is a fake don't you." The seller claims he is away. There must have been a decent number of reports gone in now and yet no action yet.

Just received an email from ebay

Use the link and everyone report this - ebay won't move with just one report. https://ocswf.ebay.co.uk/rti/compose?items=224536937982&seller=chriscow-43&rt=nc&_trksid=p2047675.l2566

The bidding is at £500 now. Really speechless. Now it has gone back down to £127 again.

i have got my finger on the button - i will put in a monster bid in the last 5 seconds.

i am laughing but someone is going to be disappointed somewhere down the line. Just for illustration the fake next to an example put up by Chards.

If i were you and interested in picking up a bit of precious metal (a good idea) i would start with gold. Pick up sovereigns and half sovereigns. They sell easily, there are no taxes on them, including CGT when you sell. Once you have found your feet then start looking into silver. Novices often pick up the wrong silver and end up disappointed and can drop out. No need for that if you kick off with sovereigns. Yes you seem to be paying a lot for a little coin. Little coins that look like pennies. Easy to move, easy to hide, easy to move across borders, easy to sell. That's why 9 out of 10 members recommend beginners start with gold sovereigns.

The issue with this bar is it is it has no markings on and it is pretty big. Pretty big means it has a pretty decent price tag to it. An issue with larger bars is potential buyers wonder if it is all silver and with a bar this size plenty could be lurking inside. It might test as silver on the outside but what is deep inside? Certainly if you want some cash it is worth selling but will buyers trust it is all silver? You may well find buyers are distrustful and unless they can access the bar and test it before buying they might give it a pass. Why take the chance with a lump of silver like that? A refiner might take it, a dealer who has all the kit to test it they might be interested.