MSE News: Comping success sees MoneySaver win £50k worth of prizes in five years

Credit-Crunched

mjm3346 wrote: »

I think you will find that there is plenty of taxation that has nothing to do with taxable income and that "not working" doesn't mean you don't have a healthy taxable income either (which does not have to be benefit related).

Well, there may be the lucky few that has a healthy taxable income not from working related sources, however the majority don't have property or investments that generate an income.

mjm3346

Credit-Crunched wrote: »

Well, there may be the lucky few that has a healthy taxable income not from working related sources, however the majority don't have property or investments that generate an income.

But there are many with pension income high enough to make every penny "earned" taxable if they choose to carry on working after their pension becomes available - not so many of them at 50 years old now but still plenty at what can be considered a "working age".

Credit-Crunched

mjm3346 wrote: »

But there are many with pension income high enough to make every penny "earned" taxable if they choose to carry on working after their pension becomes available - not so many of them at 50 years old now but still plenty at what can be considered a "working age".

1) Not every penny would be taxable, they have their personal allowance which allows £10,000 income prior to basic rate tax being applied.

2) If people have a pension that they are able to live on from the age of 50, then the chances are that it is quite a favourable pension, and again the minority

More to the point, if I was able to retire at 50, the last thing I would be doing, is sat at a computer, entering competitions. It is a big beautiful world out there! Go explore!

aurorablues

ampafc wrote: »

If a person can sit at home on the computer for eight a hours a day entering competitions, why can they not sit on a computer in an office working eight hours a day? Thereby contrinuting to society etc...

Maybe I'm just jealous that I have to work for everything I get!

You're Jealous. Concentrate on your own life and not other peoples.

aurorablues

Credit-Crunched wrote: »

OR someone that has experienced it, recovered, and got back on the horse. Not, sat on the benefits lifestyle indefinitely, living off an old ailment...

Just because somebody with a chronic ailment can get back on the horse and turn their life around, doesn't mean the next person with a differing chronic ailment can do the same, in the same time frame, in the same way.

I would also expect someone who suffers from a chornic ailment that has been able to turn their life around to have some emptahy for other peope struggling with chronic ailments.

mjm3346

Credit-Crunched wrote: »

1) Not every penny would be taxable, they have their personal allowance which allows £10,000 income prior to basic rate tax being applied.

More to the point, if I was able to retire at 50, the last thing I would be doing, is sat at a computer, entering competitions. It is a big beautiful world out there! Go explore!

The personal allowance and more would be completely used by a reasonable pension (or even a small pension if the state pension is being paid at the same time) so tax would be paid on every penny earned.

If the basic income is there then you can get all sorts of things from comping done at leisure whenever you like instead of being stuck in an office.

Credit-Crunched

You would not be able to claim the state pension until age 60, so in your example a private pension of over £10,000 would be in payment. With current annuity rates that is an approximate pension pot of £170,000... not a bad place to be.

We digress...

My point is that someone of working age, should work. Not play on their computer all day 'comping'

mjm3346

Credit-Crunched wrote: »

My point is that someone of working age, should work. Not play on their computer all day 'comping'

Unless they want to why should anyone "work" if they don't need to?
Also you don't have to play all day on a computer 'comping' there are plenty of other things to do with the leisure time.

keshimonster

mjm3346 wrote: »

Unless they want to why should anyone "work" if they don't need to?

Not many of us have that luxury!!

StrayCat

miss_devil wrote: »

Oh and I forgot to mention you've not included your time and effort of selling, postage of unwanted prizes? Even then you may not get what they are worth.

So really you aren't making anywhere near what you think you are.

I was just about to post the same thing.

My first year comping (well from the March to the December) - I won around 10k of prizes, but that 10k is based on RRP prices, in reality I wouldn't have even got half the value if I were to have sold the wins.
For example I won a "designer" coat, handmade, "worth" around £500, when it arrived I'd have been surprised if someone would have given me £30 for it to be honest.