[wsfii-discuss] CCs and taxes

[Adrian Short]

If you know what your annual CC income is (the difference between what
your business has earned and spent) you can just add this to your
taxable income and pay tax in sterling the same way as you would for
any other income.

It's more complicated if you're VAT registered, admittedly. But while
there aren't currently systems that enable you to do this easily and
while I'd say it isn't trivial to create them, it isn't impossible
either.

But first, people need better tools for person to person CC trading.
Creating more CC held by more people and getting it to the scale where
many businesses have an incentive to accept CC is a priority.
Business-focussed tools can follow when there is a demand for them.

New Moray LETS people will know more about this. You can't trade 1
million GBP equivalent in CC over 8 years without having businesses
legitimately involved.

http://www.newmoraylets.org.uk/

--
Adrian Short