• The above Banner is a Sponsored Banner.

    Upgrade to Premium Membership to remove this Banner & All Google Ads. For full list of Premium Member benefits Click HERE.


  • Content Count

  • Joined

  • Last visited

  • Feedback

  • Country

    United Kingdom

Reputation Activity

  1. Like
    universalcurrency got a reaction from MickB in Reading glasses or laser eye surgery?   
    You could try a non invasive approach with involves daily eye exerecises and change in diet.  There is a famous book by Bengamin Gayelord Hauser, 'Better Eyes without Glasses'
    Aside from the funny name, (rotfl) he was the first well known advocate of this approach although I am sure there are many others.
  2. Confused
    universalcurrency reacted to bully in Harrington closed account?   
    Links for both won't allow me to sign up and register to buy any coins.
    0 We are unable to process this request. Either some of the details provided are not valid or this lead group is not accepting submissions through this method.
  3. Haha
    universalcurrency reacted to SILVERFINGER in Reading glasses or laser eye surgery?   
    Or you could stop using xvideos.com as much 
  4. Like
    universalcurrency got a reaction from NeutronJack in Fractional Silver … Worth Picking up at the Right Price?   
    True, in europe bars tend to attract more of a premium over spot, however I am pretty sure the reverse is true in the US and possible Australia. Also the legal tender/capital gains tend to favour government minted coins when it comes to sell.
    From my personal experience in the UK I have occasionally picked up a load of 1 oz silver rounds (various government mints) for a few £'s each over spot at a pawn shop.  I also bought a 250g silver bar but the premium wasn't really worth it.
    As for fractionals keep a close look out for 2nd hand at a low premium over spot.  I remember seeing a youtube video of a grocery store in the states that excepted silver as payment so smaller weight silver could have a practical use as well if your low on cash or shtf situation!
  5. Like
    universalcurrency reacted to dicker in 45 million Germans owning gold?   
    When Germany gave up their treasured Deutschemark, in favour of Euro’s there was naturally a lot of cash which people stored / stashed. 
    They had two option....take the cash to the bank and pay it in at which point it became visible to the tax authorities.  Or spend it. 
    I am given to understand that many many careful Germans didn’t want to blow cash on a new BMW, but instead bought gold with Deutschemark cash just before the switch to Euros
  6. Thanks
    universalcurrency got a reaction from nummum in Where should I start?   
    Its also worth checking your local pawn broker/cashconverter, sometimes they come up trumps on silver rounds.  I picked up 30 oz a while back for £2 over spot!  Make sure they get the XRF tester out.  I probably wouldnt buy gold from a pawn broker though unless your very familer with what your buying.
  7. Like
    universalcurrency got a reaction from Hugo in Ancient silver   
    Speaking to a coin dealer at a local antiques market he was of the opinion thatt there are a lot of good fake hammered coins, eg english post roman.  So I am not surprised that the scrap dealer sold them for spot.
    Lovely pieces by the way!
  8. Haha
    universalcurrency reacted to Coolsmp in Who are the current best dealers for sovereigns?   
    Some poor soul will be getting random calls from them thinking "i never bought gold" lol
  9. Like
    universalcurrency got a reaction from ilovesilverireallydo in Ancient silver   
    Speaking to a coin dealer at a local antiques market he was of the opinion thatt there are a lot of good fake hammered coins, eg english post roman.  So I am not surprised that the scrap dealer sold them for spot.
    Lovely pieces by the way!
  10. Like
    universalcurrency reacted to sixgun in A quandary:   
    Well i think it is important to get your son to get involved. How old is he?
    If he were involved he will potentially develop an interest and knowledge of money, currency and investment. This will help him throughout life. There are arguments for both gold and silver and as pointed out they are very different creatures.
    There is certainly a draw with silver when you can get so much more of it. i don't have that issue so much now as i think i have enough silver. When you reach that stage you realise silver creates problems of storage and moving the stuff. It can sit in boxes and you never see it from one month or year to the next.
    You could have 500 sovereigns in trays - you could look at all of them and would have say £125k in coins  a decent sum. You could look through all of your collection and have a decent amount of value. Silver in tubes and boxes and wrapped up - no chance of that.
    As i have said elsewhere today, silver has been a bad investment for many of the forum - there are relatively high premiums, there is VAT, there are issues of tarnishing and milk spot whilst gold is gold. i have seen sovereigns dug up by metal detector enthusiasts which look like new. If you buy sovereigns around the lower end of the price range you are more likely to get your money back in the short term. As i have said my silver stack does not get sold - it sits there waiting for the reset - it might be 5 years, 10 years, 15 years - i don't believe it will be as long as 10 years but i don't know. For some of my silver stack i am locked in at this time without making a small loss. i don't think any of my gold is so affected - i think i am in profit with gold. That very fact colours your thinking on future buys.
  11. Like
    universalcurrency reacted to Pipers in Brexit status ...   
    I voted Leave because the EU is run by and for big corporations, plus the way the EU treated Grease, Cyprus etc was disgusting.  It is true the MEPs do not make rules they just ratify them.  Remember Turkey's do not vote for Christmas.  
    My political views are probably  more left wing than most on here, though its obvious unless you are a Neo liberal you would want OUT of the EU.  Why would anyone want big business to rule over every decision and big business make up all the laws to suit them selves. 
    Right across the political spectrum if you believe in democracy the EU is just WRONG. Thats the thing with democracy you can have a Government you strongly disagree  with, yes even Corbyn but if he is elected then he should Govern.  he probably wouldn't be that bad because the rest of the labour party wouldn't let him pass law on most of his socialist ideas , maybe nationalise the utilities at most. Same with the right wing of the Conseratives they probably bring in more free market ideas but  again they would be stopped by the rest of the Tory party if they decided to privatised the NHS. 
    Back to the EU, IN my view it started off many years ago as an excellent idea as a free trade area common market.  Common Market Cheap food for the people, easy trade for companies between the member countries, then it went wrong.  The EU resembles more of a corporate Fascist superstate now, another reason to leave.
    We were given a vote the uk voted to leave the EU, its easy we just leave.  Remember its the EU who are being awkward.  The Irish boarder can stay the same as far as the UK is concerned, its the EU being awkward and the EU who will break the Good Friday agreement not the UK or the Irish. 
    The UK population are being nudged by the media constantly, the media are part of the problem.  If you sit back you can see the media are behaving similar to George Orwell's Ministry of Truth.  We are at the point now where it is nearly accepted that a uk wide democratic vote  is being totally ignored.  The population are being washed into believing only bad things will happen if we carry out the will of the people. (Edit) The media are peddling.  An alternative will have to be found or we will have another vote to get the right result.  
    We must not let the politicians con the population into having another vote.                   
  12. Like
    universalcurrency reacted to BackyardBullion in Selling Silver & Gold as a hobby or a trade - it really matters so take heed!   
    Howdy all - this should be a fun and interesting topic, so please feel free to comment/PM me directly if you want!
    Quick disclaimer
    First off, I want to make it abundantly clear that this thread is not in any way meant as financial/tax advice.
    I am in no way telling you what is or is not the law or how it applies to your situation and circumstances. The purpose of this thread is to raise awareness of some of the forgotten or overlooked issues that come with buying and selling Gold & Silver coins on a regular or even semi regular basis. Also, this applies to pretty much everything else you buy and sell, not just coins. 
    I would highly recommend that if you are in doubt to contact HMRC directly or seek professional advice on your situation. 
    Selling Silver & Gold as a hobby or a trade - it really matters so take heed!
    You might ask, whats the problem? Selling some silver and gold is a great way for me to top up my stack budget, it raises my seller profile for when the time comes to sell other things and it is fun at the same time - not to mention that because it is gold and silver I am selling that it is a capital asset, not a trade so I am good to go!?
    The answers to the above are Yes's and no's - in short it is very complicated.
    So, it is no secret that I have been buying and selling silver and gold for a while now. I started, like many of you out there most likely, buy buying some cheap silver from Europe. My intentions at that time were to buy for £XX.XX price and then when the value of silver has risen to sell for £XX.XX price and make a profit. 
    Sounds great - and it was/still is the aim of the game for some of the silver and gold coins that we (Mrs BYB and I) buy.
    Most of us are probably drawn to Silver and Gold that are deemed to be Capital Gains Tax (CGT) exempt - Sovereigns, Britannias and the like. Let's say you buy £10,000 worth and in 20 years time it is worth £50,000. No CGT to pay on the profits, happy days!
    But, things are not always as simple as they seem. 
    It is very easy for your buying and selling to be interpreted as a trade rather than just a capital asset being sold. 
    Ever heard of the badges of trade? 
    If not, then have a look at this link: https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim20205
    In a nutshell they are tests that HMRC will use to decide ultimately whether something is a capital asset being sold, or whether the sale constitutes trading. If the latter is deemed to be applicable, that means you have to pay Income Tax on your profits! All of a sudden your CGT investment could very well turn into just any other income and you may lose out on a significant part of your return. 
    I don't really want to go into too much detail on each badge, because they are going to apply differently to each and every person - but it is something to be aware of if you are a regular seller of silver/gold/coins or even anything else.
    However here are some key points to take note of:
    Is the intention to make a profit? Yes could indicate trading..... How often do you make similar sales? Selling on eBay, Social Media or the forum every few weeks? Sounds like a trade..... Did you borrow money to get stock?  Transactions are similar to other traders or trades you make? - are there other people doing what you are doing and operating as a business? Did you modify or repair the item? Coin grading comes to mind here..... How long did you own the item and did you get personal pride from it. If you bought it last week, sold it this week then this is probably a trade as a business.  But sellers get £1000 profit allowance - so we are all good. 
    You may or may not know that everyone has a £1000 tax free allowance for hobby trading/selling. Its the Governments way to encourage people to make a little bit of money on the side. However, this comes with a stark downside if you go over £1000 profit. You will be required to register for self assessment tax reporting (which basically means registering as a sole trader). You then need to declare all profits on your tax form, which you are then taxed on. 
    So, be aware that if you are a seller on this forum, eBay or even your own website that if you are making more than £1000 profit in a year and you are (under the badges of trade) trading rather than simply selling some of your assets, then you really need to start thinking about the good old Tax man. 
    There are stiff penalties for not declaring such income and you can be back taxed (I believe up to 7 years), charged interest on taxes not paid as well as penalties for late payment/non payment. 
    Be careful how much you sell as well -  you might have to register for VAT. 
    Recently you may have seen that we (Backyard Bullion enterprises) has had to register for VAT. This is because our Turnover was more than £85,000 in a rolling 12 month period. It does state that all "exempt" items from VAT are excluded in this - which means gold does not count at all on your turnover, in theory. But having spoken to a few accountants their thoughts are that if you are selling £100,000 worth of gold in a year, whilst no VAT should have been collected you may still draw the attention of HMRC for having such high turnover and be asked to account for yourself. 
    Who here wants to have that to deal with in their lives.
    £85,000 turnover sounds like a lot, believe me in the world of precious metals it is not. You sell 1 oz gold coins, 85 of them at £1000 each and there is your trading turnover threshold right there. 
    Becoming VAT registered is a VERY BIG HEADACHE and may cause issues for your own personal silver and gold investments 
    So, we in the Backyard Bullion household have had two very separate stacks of silver and gold. We have the business assets, coins we buy specifically to flip in a short time for profit. There is no doubt in my mind that these are trading assets and for the last 2-3 years of doing this they have been included in my books as that, I have declared each and every one down to the copper coins I sell and the £1000 proof coins. They go on my tax form and I pay income tax and NI on the profits. 
    But, there is a separate stack of metals which we are holding as (in our minds) capital assets. We intend to sell them well into the future. We are carefully looking at the badges of trade and have to take special precautions in terms of record keeping, purchasing records being especially important. The goal here is that we will be above reproach if we get accused of selling a private asset as a private asset and not as a business asset. 
    This is especially important when you are VAT registered and brings some really harsh realities for us. 
    For example, Silver Queen's beasts coins - we are going to hold these for a while and at some point we will want to cash those in for a profit on the premiums. If we satisfy the badges of trade for it to be a private asset then great. No VAT needs to be charged, no income tax needs to be paid. But, if our situation changed suddenly and I needed to sell the 20x 2 oz Yales I bought last month then we will likely be deemed to be trading. We will be forced to charge VAT (making them not practical to sell) or sell them for a loss after paying the VAT man what we may owe in their eyes. 
    This could be a big issue. 
    In summary
    This is a long post, I hope you have enjoyed reading to this point. It is very important for a lot of sellers on here to take heed of what I have had to say and to either seek advice of your own or at very least have a look at the situation as it applies to you and ask yourself, should you be registered for self assessment and/or VAT?
    Please let me know your thoughts on this very interesting topic!
    Backyard Bullion
  13. Thanks
    universalcurrency got a reaction from Mcgrimes in We are sorry....Group Orders are no more blame VAT registration!!!   
    Your right Mcgrimes, many dealers and some auction houses aren't signed up to the VAT margin scheme, (VAT on profit) which 2ndhand goods and in our case PM's.
    Most likely they don't want the extra paperwork compared to just charging VAT on the whole sale price.
  14. Like
    universalcurrency reacted to Frenchie in Today I Received.....   
    I received today the long awaited "Hephaestus" , third coin in the "Gods" serie from mint of Poland 

  15. Haha
    universalcurrency reacted to StackSellRepeat in Today I Received.....   
    Scene 7-8, It’s the Hatton Garden Robbery all over again 🤫😉
  16. Like
    universalcurrency reacted to richatthecroft in Today I Received.....   
    Ok, it’s  never going to be worth owt, but this was a great pick up at just over a tenner. 

  17. Thanks
    universalcurrency reacted to ilovesilverireallydo in The ridiculousness of doing business in the UK on eBay   
    The pundits blame the Internet for the death of the high street. Frankly its the government and landlords that are to blame. 
  18. Haha
    universalcurrency reacted to Pipers in Brexit status ...   
    Disagree here on the Marxist point, a Marxist would never want to be in the EU.  Labour have a big problem their more left wing northern areas want out while there more middle class Champaign socialists  (London and South) want to stay in the EU.  The sad fact is Brexit was voted on because people were becoming harder up year after year any no one was listening.
    Anyone who earns under £65000 who votes for the Conservative party needs a blow to the head.;-)
  19. Thanks
    universalcurrency got a reaction from Fastnick in Collectable paper money a good investment?   
    Having recently sold some paper money I inherited on a well known auction site, I am beginning to wonder if it is a more straight forward trade and or income then pm's and numismatics.
    For one assessing the grading (IBNS system) seems simpler if done yourself not 3rd party, 2ndly no fluctuating spot price as the underlying (paper) is essentially worthless, 3rdly storage deterioration and possible shipping damage seems less of an issue.
    On the last point how many times has one of us experienced damage in shipping....
    Of coarse paper is not an absolute store of value, like pms though history, nor can you garantee which notes will rise in value.
    Let me know your views on paper money as a hobby, investment or side trade.
  20. Like
    universalcurrency reacted to OllieClem in GOLD DEALS - See a deal, post here :)   
    Took an age for me to add them to my basket. Had to search the sovs up, select the sov then add. Took a couple attempts but worked 
  21. Like
    universalcurrency got a reaction from AppleZippoandMetronome in Safety Deposit Box   
    Ive always wondered about buying a safe... How do you ensure a descreet delivery?   No one wants 'the bullion safe delivery company' to arrive on their doorstep.  Makes me feel funny  just thinking of the neighbours curtain twitching 🤣
  22. Like
    universalcurrency reacted to Guybrush in goldsilver.be very dodgey   
    Well to be fair they are incompetent but I cannot say they haven't been helpful.  After all, they obviously checked under the sofa and everywhere else and they eventually "found" money I sent.  Maybe next time I should send via a carrier pigeon with GPS so we can see where it is!
  23. Haha
    universalcurrency reacted to Abyss in GOLD DEALS - See a deal, post here :)   
    Spot gold has gone up almost $20 today. It is a shame limited to three per household instead of three per person. Limited to three per person then my wife get three, my two year son will have another three and then all my son's friends (teddy, lion, giraffe and all his cuddly toys (I will name them all first) will each have three as well).
  24. Haha
    universalcurrency reacted to Goldhooked in Huge Gold Chain   
    Was it this guy?!

  25. Haha
    universalcurrency got a reaction from danmc82 in Atkinsons deal of the century?   
    Reminds me of a shopping experience in my local Coop, I bought some fish which had a deep discount label on the pack.  Like an idiot I casually remarked that the manager must be feeling generous as he had knocked £3 off instead of the usual 50p.  The minute I said that the sales assistant refused to sell it to me... Should have kept my trap shut!🙄