So we pay tax on our salaries, we spend the hard earned net salaries and pay VAT on goods purchased and now they expect to collect tax on selling ‘used’ goods. Then the government waste our money on lost causes and corrupt practices. I buy precious metals to protect MY wealth not increase governmental coffers.
All good advice, but in all honesty, the whole thing makes me absolutely livid. The amount of tax evasion going on by the mega wealthy and Corporate Business is vast, so what do the Government do ? Go after the little guys.
This is the first year savings interest would have exceeded the allowance for me, ive done my calculations and withdrew what i had to so i dont have to deal with hmrc 😂 how many times do u want to tax me on the same money😅 when you look at it really i have lost money to inflation and the interest didn't even bring me to parity. Can i bill the crown for the losses?
To be getting over 10k in interest from savings (triggering self assessment) you are holding too much in cash reserves. Get an accountant and invest it wisely.
@@tomahawk564 i wish it was 10k lol, the savings interest allowance is 1k. You may be referring to a different allowance only available to non working people.
CGT is why I will only collect UK minted coins from the Royal Mint. Shame, really as I would love to collect some Eagles, Maples and others. Not planning to sell and of it unless to trade for another coin.
For the new rules It is referred to as income (before expenses) so revenue not profit. The confusion comes whether it classed as an investment and selling an asset and only attracts possible capital gains tax or classed as regular goods and treated as an income and be subject to income tax .
You need to make a capital gain of more than £6000 on personal sales before needing to do self assessment. If selling CGT free coins, you won't need to file for personal sales. There is so much misinformation out there.
It depends on the frequency you sell things , if you do it regularly you maybe classed as a trader and have to potentially pay income tax if you do it once or twice a year or less often it will probably not be classed as a trader and only be the cgt you have to worry about .
If you are a trader who only sells gold which byb isnt in this catagory, you would be better registering for vat as you don't have to pay so the booking keeping no harder on sales but you can claim it back.
"It's a bit of an intrusion..." You wait until they introduce the CBDC. Question. if you buy some bullion, you often pay a dealers fee, and postage. Are you allowed to offset such costs against a capital gain on sale of the item(s) ?
Cheers. Useful information BYB, makes you wonder why people even bother buying silver at all what with VAT and CGT or any gold that isn’t Britannia’s or sovereigns. Oh well, it is what it is.
What more does HRMC want out of us. They already take 50% off my hard worked for private pension. Just makes me angry.
They wont rest until they have complete control.
They have had complete control since 1945.
@@ARegularBloke Then you don't understand what's on its way! You haven't seen anything yet!!
Hoorah to the return of meet ups in car parks and exchanging goods face to face 😂
Ha, yeah that would be the way to go!
@@BackyardBullion I heard that somewhere, I think a wise person said it 😁.
So we pay tax on our salaries, we spend the hard earned net salaries and pay VAT on goods purchased and now they expect to collect tax on selling ‘used’ goods. Then the government waste our money on lost causes and corrupt practices.
I buy precious metals to protect MY wealth not increase governmental coffers.
All good advice, but in all honesty, the whole thing makes me absolutely livid.
The amount of tax evasion going on by the mega wealthy and Corporate Business is vast, so what do the Government do ?
Go after the little guys.
I do avoid evading tax but i don't evade avoiding tax.
Amazing, well said!
This is the first year savings interest would have exceeded the allowance for me, ive done my calculations and withdrew what i had to so i dont have to deal with hmrc 😂 how many times do u want to tax me on the same money😅 when you look at it really i have lost money to inflation and the interest didn't even bring me to parity. Can i bill the crown for the losses?
Thanks for sharing!
To be getting over 10k in interest from savings (triggering self assessment) you are holding too much in cash reserves. Get an accountant and invest it wisely.
@@tomahawk564 i wish it was 10k lol, the savings interest allowance is 1k. You may be referring to a different allowance only available to non working people.
I have now stopped collecting gold and silver after 15 years. This is just another reason.
There seems no point in buying bars or silver due to taxes then. Stick to tax-free gold sovereigns and Britannia's and you can't be touched.
That is the ideal but I cannot afford to invest in sovereigns or oz’s . Also enjoy holding different silver pieces 👍
I agree
Leaving ebay .... and market place 😊 but CGF sovereigns etc are reporting free ?????
Silver has 20% vat on the purchase price as well.
Brilliant video bro thank you very informative and important for everyone to know
Pleasure as always buddy!
Its getting to the point where ppl should go where they a treated best. Non of these problems in the middle east, st kitts or parts of Asia.
CGT is why I will only collect UK minted coins from the Royal Mint. Shame, really as I would love to collect some Eagles, Maples and others. Not planning to sell and of it unless to trade for another coin.
I thought that you pay tax on interest over £1000, but only had to fill in a self assessment if over £10000 interest.
For the new rules It is referred to as income (before expenses) so revenue not profit. The confusion comes whether it classed as an investment and selling an asset and only attracts possible capital gains tax or classed as regular goods and treated as an income and be subject to income tax .
You need to make a capital gain of more than £6000 on personal sales before needing to do self assessment. If selling CGT free coins, you won't need to file for personal sales. There is so much misinformation out there.
It depends on the frequency you sell things , if you do it regularly you maybe classed as a trader and have to potentially pay income tax if you do it once or twice a year or less often it will probably not be classed as a trader and only be the cgt you have to worry about .
Thanks for another great video explaining some things for us
Any time!
Great information!!!
Glad you think so!
great info, very interesting, also nice backdrop
Thank you! Cheers!
Those engelhard bars look a bad buy now 😢
Thanks for all the great information. Brilliant video 👍
Glad you enjoyed it!
VERY INTERESTING..👍🏻🇬🇧😮
Glad you think so!
Thanks for this video BYB, great info
Any time!
If you are a trader who only sells gold which byb isnt in this catagory, you would be better registering for vat as you don't have to pay so the booking keeping no harder on sales but you can claim it back.
Nah, it's evasion if you are poor, avoidance if you are rich. :)
"It's a bit of an intrusion..." You wait until they introduce the CBDC.
Question. if you buy some bullion, you often pay a dealers fee, and postage. Are you allowed to offset such costs against a capital gain on sale of the item(s) ?
Ill have to keep an eye on it. Ive been changing around some of my stack for the last few month's.
This is why there are better countries to live and invest in than the UK 😂
When is the first BYB buyers club email going to be in 2024? I have Xmas money to spend 😊
Ha, probably more like February or March at this rate, enjoying my time off!
Enjoy your time off , I look forward to the first email of 2024 👍
Cheers. Useful information BYB, makes you wonder why people even bother buying silver at all what with VAT and CGT or any gold that isn’t Britannia’s or sovereigns. Oh well, it is what it is.
I have a Portuguese gold coin from 1723 !
If i was to sell it would I have to pay any tax ?
Depends on what you paid for it when you got it and how much profit you have made
@@BackyardBullion
I thought i replied to this !
it was a metal detecting find from about 20 years ago !
I will simply enjoy my silver exemplars. Im not expecting to acquire any more.
Fair enough!
That government sounds out to lunch
I'm curious if my cgt and vat free status is changing.
Leaving ebay .... and market place 😊 but are CGF sovereigns etc reporting free ?????
Brian Clough saw the future😊
Gotta love them sovereigns ever more 😉
Tea Party 2.0?