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Do I need to find
a direct exchange? - Page
Top
No. Direct exchange would mean that if I wanted to swap my soya milk for your
elephant, there would probably be no deal! The purpose of having an account
is to allow you to, for example, knit a sweater for one person in order to have
your shed repaired by another member. No single transaction has to equal another.
Do I have to trade with
any member of the scheme? - Page
Top
There's never any obligation to trade. It is entirely up to you whether you
respond to the request. And if you are not sure about the persons qualifications
to do a job contact the trading coordinator for help and advice.
How do I trade if I do not
have any credits? - Page
Top
Everyone's account starts at zero. A minus balance shows you have issued credit
to someone else. You don't have to earn credits before you spend them - in fact
for the scheme to work it needs people to go into deficit. On LETS this is interest-free.
It is not regarded as a "debt" but as a "commitment to repay".
What is a Beacon (or credit
unit)? - Page
Top
A beacon is not a physical token but an acknowledgment of work done or goods
exchanged, entered as credits or debits.
How do I price my skills/goods?
- Page
Top
This is entirely up to you. At present any system work is paid at the rate
of 8B/hr. Other members charges vary between 3B and 25B/hr, depending on the
type of work. Your charge can be higher or lower depending on how you value
your time. You can always change your mind later. You could start by using
the sterling rate for the job as a guide, and charging the same amount in
beacons. Some members charge their traveling time in Bs, or charge for petrol
in £s. You always
have the option to quote a split price in Beacons/Sterling, eg 50% Beacons
+ 50% Sterling.
I do not feel I have any skills worth
trading - Page
Top
If you need ideas, ask for a copy of our skim-list containing many imaginative
things people have done through LETS. Another successful way of thinking up
what skills you could offer is to think "What do I like doing?", or
sit down with a friend and tell each other what you are good at!
I am working full-time.
How could I benefit? - Page
Top
LETS offers you an interest-free line in credit which incidentally supports
the community. It also allows you to do things you enjoy doing, and to call
up services not normally available on the market. If you live with other people
you can join as a family or household, combining resources and skills.
I still need cash.
- Page
Top
LETS allow you to receive all, or only a portion of your compensation in LETS
credit. People can always agree to cover the cost of any materials bought in
cash, crediting each other in Beacons for the work done. Only beacons are recorded
on the SPLET System.
Could someone run off leaving
a huge deficit? - Page
Top
As LETS is a social network, this sort of problem is unlikely. Some safeguards
are built in to the system.
1. Each member is entitled to know the balance and turnover of anyone else.
2. A list of members balances and turnover is published every six months. If
a person had a huge negative balance and no turnover, you might want to ask
why. In the mainstream economy a "bad debt" would mean that people
are left out of pocket. With LETS, no one person would be affected. By giving
people your credit note, they receive credit due for any work done.
Are the transactions taxable?
- Page
Top
The vast majority of trading through LETS is an occasional "social favour"
type, which is not taxable. People do decorating for one member and provide
garden produce for another, so they can later call up the services of a babysitter
or find someone to mend a bike. If a member is conducting trade as a regular
business however, their LETS earnings (after deducting business expenses and
the personal allowance) are taxable in sterling. Businesses can therefore ask
their LETS trading partner for a percentage in sterling to cover their tax and
VAT. They should ensure that they declare their earnings to the Inland Revenue
in the normal way, giving a cash value to their trading for this purpose. Personal
tax returns are the responsibility of the individual concerned, not the LETS
organisation.
I receive a state benefit.
- Page
Top
As long as you can meet the normal requirements for claming a benefit, e.g.
being available for work or not exceeding a weekly earnings limit, you may trade
on LETS. Any Beacons you earn will be treated as sterling but only deducted
from your benefit if you exceed your earnings limit.
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