swapping skills - no payment

Trow

Lets is taxable despite the fact that no money changes hands, because a value (or cost) is put on individual services, whereas timebank, no value is put on - rather you are swapping an hour for an hour.

Having said that, some lets transactions would not fall within the taxation bracket - if you were helping someone with their shopping say, or cooking them a meal.

I suppose, simply put, if you would ordinarily charge for the service, then doing it through lets is taxable, if you wouldn't then its not. Tomebanks is not taxable under any circumstances.

Old_Joe

Have been in our local TIME BANK for about three years but there's never been any money involved.
Apart from the usual means of redemption ours includes use at the council sports centres.

inkie

We have a time bank in our town - I will have to investigate!

halloweenqueen_2

The local one I was interested in before only seemed to have 'arty' people in it. Great if you wanted reiki, feng shui advice or interior design but not so practical if you wanted more manual help. I didn't end up joining as the people were a bit of a clique unfortunately. There wasn't really anything I could offer either as they were all pretty self sufficient. Pity really I think it would have been an enjoyable thing to belong to. Good luck to anyone who can get a result from their local one.

halloweenqueen_2

I meant the good luck in a nice way - didn't quite read right!

Sallys_Savings

thankyou to all who posted.

I think its a really good concept but it doesn't look as if there is anything in my area

Perhaps I may start trying a few of my own.

My husband is going to be decorating someones hall, stairs and landing in exchange for refelting our flatroof on the extension.

Anyone else had any success with this?

Sallys_Savings

Old_Joe wrote:

Have been in our local TIME BANK for about three years but there's never been any money involved.
Apart from the usual means of redemption ours includes use at the council sports centres.

Hi,

Hope you dont mind me asking but What sort of ideas are used in this timebank?

Stratford_Bill

What skill has anyone to offer if I wrote you a play?

halloweenqueen_2

They could swap for cadbury's chocolates or cleaning mrs hathaways cottage?

Sharra

We used to have a really good LETS group going, we swapped things like babysitting, ironing, making birthday cakes, gardening, decorating. I looked for one recently (we've moved since then) and they all seem to have died out