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The Great 'Working for Yourself' Hunt
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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?I reserve the right not to spend.
The less I spend, the more I can afford.
Frugal living challenge - living on little in 2025 while frugalling towards retirement.0
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