Preparedness for when

Butterfly_Brain

jk0 wrote: »

I love those ladies. Anyone seen 'Cheap Flights'?

https://www.youtube.com/watch?v=l6pj3Fdbwng

Ofsted is hilarious

https://www.youtube.com/watch?v=d13gX-1HJg4

moneyistooshorttomention

1Tonsil wrote: »

However, they did announce that all bank deposit boxes will remain locked when the banks open, until the owners prove that they own any gold or jewellery in there or they show they have declared the money in it and paid tax on that amount......:rotfl::T

I cant quite see how that would work - as much real jewellery will be inherited (rather than bought by the person themselves) or possibly given to the person. Most of what little "real" jewellery I own has been passed on to me - so I could only prove tax was paid on what I bought myself.

Frugalsod

moneyistooshorttomention wrote: »

I cant quite see how that would work - as much real jewellery will be inherited (rather than bought by the person themselves) or possibly given to the person. Most of what little "real" jewellery I own has been passed on to me - so I could only prove tax was paid on what I bought myself.

It all would depend on the appraised worth. If the items were only worth a few hundred euros each or even a couple of thousand euros then if your lifestyle was not that extravagant it really would not be worth the effort for the inspectors. This is really targeted at those with jewellery worth tens of thousands of euros.

Also if you had inherited any items, especially large items there would be records of that in the tax registry for inheritances.

So you are probably worrying over something that is never likely to concern you. Most safety deposit boxes are quite small and many people keep things like wills and the deeds to their home in it. Secondly the banks or security deposit box operators also advise you to insure items so if you insured a ring for €10000 then you would be able to have proof of that on insurance documents. The point of such an exercise is to confirm that you have a lifestyle beyond your tax declaration. For most of us on PAYE or even benefits you may not even have a safety deposit box or even if you did you probably not the people that are being targeted in this clampdown. This will really be of people whose lifestyle was well in excess of their declared income.

moneyistooshorttomention

As long as the jewellery limits were set at that sort of value then it wouldnt be a problem - though, of course, jewellery that is basically "inheritance" can be (some of it has been...) passed on to me quite some years in advance of a Will.

But - I do see the "lifestyle in excess of income" bit - my phrase about HMRC wanting to see if people are spending on a champagne lifestyle, whilst apparently only earning beer money.

VJsmum

http://yanisvaroufakis.eu/2015/07/11/behind-germanys-refusal-to-grant-greece-debt-relief-op-ed-in-the-guardian/

Seen this? Last sentence is very telling, I feel. Varoufakis is far more dangerous to the EU now I fear....

Frugalsod

moneyistooshorttomention wrote: »

As long as the jewellery limits were set at that sort of value then it wouldnt be a problem - though, of course, jewellery that is basically "inheritance" can be (some of it has been...) passed on to me quite some years in advance of a Will.

In which case the donor will be still alive to confirm that you were gifted the item.

moneyistooshorttomention wrote: »

But - I do see the "lifestyle in excess of income" bit - my phrase about HMRC wanting to see if people are spending on a champagne lifestyle, whilst apparently only earning beer money.

There could be many legitimate reasons why you might appear to have a champagne lifestyle but beer money income. If like me you are really frugal on the basics and spend your money in one area it could be easy to have a "champagne lifestyle" for beer money. A good example was of the vicar who died a few years ago who had an art collection worth millions. He bought the art from the artists directly before they were famous and so much cheaper to buy. You could be a woman who dated someone famous long ago and was given some jewellery as a gift, if you were snapped by the paparazzi wearing it with the celebrity then what better proof?

To be fair this is not really going to be an issue for 80% of the population if you have paid taxes and played by the rules. I would have no fear if I had a safety deposit box and this were to happen.

Frugalsod

VJsmum wrote: »

http://yanisvaroufakis.eu/2015/07/11/behind-germanys-refusal-to-grant-greece-debt-relief-op-ed-in-the-guardian/

Seen this? Last sentence is very telling, I feel. Varoufakis is far more dangerous to the EU now I fear....

As a proper economist he will have far more impact when compared to most MP's. The debt is unsustainable and some write downs need to be made now and the Greeks should be told that they are being pushed out against their will.

Yes the losses from a Greek exit would hit France disproportionately more as it is closer to being in trouble already. I said to my father in 2008 that France was going to fail, it was only a matter of when. It was where all the loans were made that was the crucial factor. French banks lent heavily to southern Europe or the periphery as we now know it. Germany lent more but more evenly. An Irish Exit would hit Germany harder as they have more than €119 billion locked up in Ireland, more than the €60 billion they would lose from total Greek default.

France is consolatory to the Greeks because they do not want to take the losses now, before any possible elections.

The Baltic states and Slovenia are hostile to a bailout because these countries were already poorer than Greece to start with and would prefer a more even distribution of funds.

[Deleted User]

We don't have jewelry, antiques (if you discount both of us that is!) artworks or anything vaguely resembling an inheritance piece, if anyone wants to take a percentage of our savings buffer I'm very much afraid it will have to be in bars of soap and tins of baked beans and tomatoes, unless of course they'd take it as french beans and courgettes? both of which we DO have a mountain of at the moment.

COOLTRIKERCHICK

Thank you frugalsod for your reply!ies to my posts..

Our business is mainly business to business, and then they export to various countries, but there is turmoil in the industry due to over saturation...

We are aiming to bail/ get out in the next few months.. As to be honest even the wage increase next April will be an financial impact on us ..

Frugalsod

COOLTRIKERCHICK wrote: »

Thank you frugalsod for your reply!ies to my posts..

Our business is mainly business to business, and then they export to various countries, but there is turmoil in the industry due to over saturation...

We are aiming to bail/ get out in the next few months.. As to be honest even the wage increase next April will be an financial impact on us ..

If your customers do have lots of dealings with the lower incomes customers then they could do better, and that could mean more turnover for you. Also the transition is being done slowly so it gives any business several years to adjust rather than one big impact.