Is anyone in business taking sweatcoins in payment?


#1

Hi

I’m new to sweatcoin. The things I can buy are fun, but I’m much more interested in the notion of sending coins from person to person in payment for things- a proper currency.

I help a couple of elderly people with gardening. I have a day job so I’m a 40% U.K. tax payer. My gardening clients keep offering to pay me but I think it’s really silly to take their money and me give 40% to the tax man. Since they walk their dogs up and down the street I’m wondering whether sweatcoins would allow them the dignity of being able to pay me without increasing my tax liability?

Has anyone here got to grips with the practicalities and tax liabilities of such an arrangement?


#2

So basically you want paying in sweat coins no?


#3

Just exploring the idea at the moment. I’m interested to know if anyone else would work for sweatcoins, and whether the tax man takes an interest in their activities


#4

I know for certain the tax man won’t take your sweatcoins for tax payments mate. Lol…


#5

Absolutely- if the tax man thinks they have no value for payment of tax, then they have no value to be taxed.


#6

Sweatcoin is not considered a currency, not even a crypto/digital. If you sell it for dollars then yes, the tax man can come after that.

Not financial expert advice, but it makes sense.