Originally Posted by
caroleallen
I am still not convinced that if I send silver off to be refined and then get silver back it should be classed as income. To me its just recycling what I already own.
It isn't income - you are PAYING someone to carry out a service for you = expenditure.
If you are selling your scrap (not sending it off to be refined) then it is income.
Why is this so difficult to grasp? Your opening post was about SELLING your scrap (not having it refined) - this is INCOME whether you get a cheque or a credit note.
If you sell some rough wood then it is income. If you send your wood to be planed and made into planks then it is an expense - same principle.
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Barry the Flying Silversmith👍
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