The Great 'Working for Yourself' Hunt

Little_Miss_Moneysaver

wow...thanks for that...you're quite the expert on all areas of small businesses/self-emp stuff ...many thanks again for all your other previous helpful posts also

Frugaldom

Self-employment and the LETScheme - how does it work?

I am considering joining a local LETS group but am not sure where I stand with regards to the tax implications. I don't fully understand the scheme yet but believe that it's a local exchange system of goods and services but it is based on an alternative, non-sterling currency. What I want to know is if I offered goods and/or services and got paid X amount of whatever the currency is known as, how does this get accounted for in book-keeping? The currency isn't worth 'real' money, yet I can spend it on goods/services provided by other members of the scheme. Can anyone help a dunderhead understand how this is any different from using cash and pledging to spend it locally?