European Mint Group Orders are back for 2020!

[daca]

17 minutes ago, Silvs said:

Do you recommend getting and using the transferwise debit mastercard or is this not necessary? 

Not necessary.

I use my own debit card without any problems

[GilRising]

Thanks for the update @BackyardBullion. I have a few pre-sale items and storage items, so will wait until it is all in stock and go with a future group deal. 

[Kwasny]

Thank you @BackyardBullion! Let us know when to spam you with our invoices. I'm sure there's gonna be a lot of them

On 28/04/2020 at 16:18, Silvs said:

Do you recommend getting and using the transferwise debit mastercard or is this not necessary? 

I use Revolut and it's the bomb! Euro to GBP to Euro transfers are super easy. 

Only negative is that you have to scan a document in the app, but use an old one  and you good.

[GoldenPhil]

Might do this next time. Interesting 

[FullMetalJacket]

I think I'm gonna save up for one big order when this opens up. The itch to buy is intense! 😜

[BackyardBullion]

UPDATE - 15th May 2020

A very heavily laden Swallow has left Estonia!!!

The question is whether it is African or European....

For those that don't get the metaphor....if you have ordered something as part of this order you can expect your shipping invoice over the course of today!

Unboxing videos to come mid to late next week we suspect!

[Bullionaire]

1 hour ago, BackyardBullion said:

UPDATE - 15th May 2020

A very heavily laden Swallow has left Estonia!!!

The question is whether it is African or European....

For those that don't get the metaphor....if you have ordered something as part of this order you can expect your shipping invoice over the course of today!

Unboxing videos to come mid to late next week we suspect!

Hope you can still get a takeaway these days! 

[BackyardBullion]

1 minute ago, Bullionaire said:

Hope you can still get a takeaway these days! 

Yes indeed - our local chinese is still open for deliveries and they are doing a great job!

[pablitto83]

Hi, just wondering, if I buy in Europeanmint some coins now, and keep in they storage, can I add it to future group order, or they need to be bought with the group code (I believe with new one which is not released yet)?

[Sean1974]

Im new to the forum. Interesting in getting involved with stacking silver. I like the idea of you guys getting silver vat free this way but am I wrong or are you simply just switching which tax you get screwed on?

 

if you buy Uk minted silver it’s cgt free but you pay vat.

 

if you buy Eu minted silver it’s vat free but you pay cgt 

 

or can you buy cgt free silver from the eu mint? 
 

edit- I can see they sell silver Britannias so will be cgt free but spot price of 15 eur and they chArge 22 eur? 

[BackyardBullion]

1 hour ago, Sean1974 said:

Im new to the forum. Interesting in getting involved with stacking silver. I like the idea of you guys getting silver vat free this way but am I wrong or are you simply just switching which tax you get screwed on?

 

if you buy Uk minted silver it’s cgt free but you pay vat.

 

if you buy Eu minted silver it’s vat free but you pay cgt 

 

or can you buy cgt free silver from the eu mint? 
 

edit- I can see they sell silver Britannias so will be cgt free but spot price of 15 eur and they chArge 22 eur? 

CGT is dependant on the type of coin, not where you buy it from. Britannias, Queen's beasts etc. bought from the EU mint, dealers in the USA or anywhere for that matter will still be CGT free. 

As to paying capital gains tax, CGT is really not something that 99% of metal buyers need to worry about.

I have written about it a few times in more detail with some explanations but to summarise, you only pay tax on any profits above the free threshold PER YEAR. So if you make more than £12,300 profit in a year then you have to pay CGT. If you are married you can use your partners allowance too. So you would need to make close to £25,000 PROFIT per year to need to worry about it (if you are married). This is not even factoring in the items that are exempt from CGT. So, you can spread out your sales if you are concerned. 

Bottom line, it is a non issue for the large majority of stackers and you need not worry about it unless you have a very large stack that you intend to sell all in one go. 

As to the premiums on the coins at the EU Mint - premiums are high because of the world being a basket case right now. In time the premiums will drop. Even when they drop there will always be some premiums on silver within the European Union. When the world was "normal" the cheapest silver for us in the EU was approximately 17% over spot price. 

Hope that makes sense!

[Sean1974]

So do you guys not bother to record your purchase prices for tax purposes? 
 

tax is a minefield. 
 

so if I buy 1000 coins over the space of a couple of years. The first coin I buy is 10 gbp ( random numbers for simplicity) 

I buy several coins for 10gbp and price explodes and I keep buying 20 gbp 30 gbp 40gbp etc.

 

then you sell 1 coin for 50gbp.How do you differenciate ( if you are above cgt allowance) did I sell the 10gbp coins or the 40gbp the gain difference is large if you have a large supply of coins 

[BackyardBullion]

1 hour ago, Sean1974 said:

So do you guys not bother to record your purchase prices for tax purposes? 
 

tax is a minefield. 
 

so if I buy 1000 coins over the space of a couple of years. The first coin I buy is 10 gbp ( random numbers for simplicity) 

I buy several coins for 10gbp and price explodes and I keep buying 20 gbp 30 gbp 40gbp etc.

 

then you sell 1 coin for 50gbp.How do you differenciate ( if you are above cgt allowance) did I sell the 10gbp coins or the 40gbp the gain difference is large if you have a large supply of coins 

Each individual would be responsible for their own tax accounting. 

In the situation you talk about it would be down to you how you want to account for it. 

Lets say you buy coins for £10 in 2015 and they are dated 2015 coins

Then you buy coins for £20 in 2020 and they are dated 2020 coins

If you sell the 2015 coins in 2020 for £20 then by the letter of the law you have made £10 profit per coin and that would have to be delcared if the total profit was NOT CGT exempt and was over the threshold. 

In practice - I don't want to spell it out but many people might do some creative accounting to say that they perhaps sold the coins they bought in 2020 rather than 2015. The problem is, that is technically fraud and if there ever were any investigations into your accounts/tax situation or proof required then you would be in serious trouble. 

[GoldenPhil]

2 hours ago, BackyardBullion said:

CGT is dependant on the type of coin, not where you buy it from. Britannias, Queen's beasts etc. bought from the EU mint, dealers in the USA or anywhere for that matter will still be CGT free. 

As to paying capital gains tax, CGT is really not something that 99% of metal buyers need to worry about.

I have written about it a few times in more detail with some explanations but to summarise, you only pay tax on any profits above the free threshold PER YEAR. So if you make more than £12,300 profit in a year then you have to pay CGT. If you are married you can use your partners allowance too. So you would need to make close to £25,000 PROFIT per year to need to worry about it (if you are married). This is not even factoring in the items that are exempt from CGT. So, you can spread out your sales if you are concerned. 

Bottom line, it is a non issue for the large majority of stackers and you need not worry about it unless you have a very large stack that you intend to sell all in one go. 

As to the premiums on the coins at the EU Mint - premiums are high because of the world being a basket case right now. In time the premiums will drop. Even when they drop there will always be some premiums on silver within the European Union. When the world was "normal" the cheapest silver for us in the EU was approximately 17% over spot price. 

Hope that makes sense!

Wow £25,000 a year tax free. Yummy. 

[Sean1974]

Well if you only ever buy the same coin there is literally no way to differentiate is there?

[sixgun]

You should also factor in inflation which reduces your capital gain and of course your costs - like postage to get the coins, insurance, storage..... These all reduce the capital gain you actually achieve.

 

[Sean1974]

If you buy only cgt tax exempt coins you don’t have to piss about with accounting though do you? 

[Martlet]

I believe the standard rule for accumulated assets is to calculate the cost average.  Its interesting question if this applies to a yearly coin, as the item itself is considered fungible (1oz of silver), its possible to identify when it was bought.  As this works against you, I dont suppose anyone ever makes the case.  

3 minutes ago, Sean1974 said:

If you buy only cgt tax exempt coins you don’t have to piss about with accounting though do you? 

Does make life a bit easier. 

 

[BackyardBullion]

Today was a good day!

Who's ready for an unboxing video tomorrow!?!?

 

[Sean1974]

I’m considering getting involved in this. Just seen the photos above. What’s stopping you taking all that silver and running? Lol

 

how much would delivery be if I ordered 100 oz a month or so? 

[GoldenPhil]

1 minute ago, Sean1974 said:

I’m considering getting involved in this. Just seen the photos above. What’s stopping you taking all that silver and running? Lol

The weight

[daca]

8 hours ago, BackyardBullion said:

Who's ready for an unboxing video tomorrow!?!?

Yes, please.

I don't know how you do it, I got my order from Eumint a few days ago and it took me 40 minutes to unwrap 30 items and check that all have arrived.

Props to you and Ms BYB 👍

[BackyardBullion]

 

We will be holding a "live chat" on YouTube as the video premieres so please feel free to head on over and join us then!

Here is the link to the video page where you can see the video and chat with us!

https://youtu.be/cZYpn_Ph2Lw

See you all later!

#unboxingsilverrocks

[BackyardBullion]

I am currently online over on YouTube if anyone wants to come over and say hello and ask any questions about these group orders!

The link is here: https://youtu.be/cZYpn_Ph2Lw

It is a fun big unboxing of €15,000 worth of silver, gold and platinum!

[Kwasny]

It was awesome @BackyardBullion! So much silver!!! And that one lonely golden coin