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What is LETS?Local Exchange Trading Schemes - are local community-based mutual aid networks in which people exchange all kinds of goods and services with one another, without the need for money. Our scheme serves the people of the Kendal area in Cumbria, on the edge of the Lake District National Park. RETURN TO QUESTION
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Do I need to find a direct exchange?No. Having an account means that no single transaction has to equal another - credits and debits are recorded in your account. If you do some welding on my car you end up in credit while I'm in debt. I might then babysit for John and so earn some credit, meanwhile John helps Lucy to build a shed. Lucy does some design work for Mary, who lends you her sawing machine. And so on...!
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What are Kents?Kents are simply a way of keeping tally of help given and received in order to promote roughly equivalent contributions from all in the long run. In Kendal the members have decided to call the unit of exchange KENTS after the river and valley. Kents are not physical tokens but acknowledgements entered into the books. They have no direct cash value and can only be exchanged with other LETS members. The system is not just an imitation of the monetary one, but rather a way to enable people to help each other by sharing skills and knowledge for the benefit of all. RETURN TO QUESTION
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How do I price my skills & goods?LETS is not just another version of the sterling economic system and Kents do not directly equal £pound's. In Kendal LETS all members are equal and we have a standard time rate of 5K per hour regardless of the work being undertaken. Where materials are required you might want to charge for these in cash. Eg, If you painted my kitchen, I could give you cash for the paint and Kents for your time. Only the kents are recorded in the LETS system. Some jobs/services only get done because people can pay in Kents rather than scarce cash. RETURN TO QUESTION
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I don't think I've got any skills to trade!Everybody can offer something that someone else wants. Looking through the Directory will give you an idea of the varied skills and services others are offering. Another way of getting ideas is to think "what do I like doing?"
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I only have little time, can I still be involved?Yes. You don't have to commit yourself to anything you can't do. But remember that if your hobby is knitting, but you don't have much time for it because you have too much gardening to do (which you're not so keen on) LETS allows you to do more of what you enjoy (for someone who can't knit) whilst someone else who loves gardening gets stuck into your herbaceous border!
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Is LETS taxable?By far the greatest amount of trading falls into the category of an 'occasional social favour' and is not taxable. However, if you provide goods or services which you do in your normal business, then any LETS earnings must be declared and tax paid in the normal way. For example, if you're a plumber and bake some bread for someone, it's not taxable. If you plumb in a washing machine, then it is taxable. RETURN TO QUESTION
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How can I trade if I don't have any credits?All accounts start at zero but you don't have to earn credits before you spend them. A minus balance only shows that you have issued credits to someone else, in other words, someone has done something for you. In LETS 'debt' is not seen as a bad thing; it is merely a commitment by you to do something for someone else. Because no interest is charged on your debt you're not loosing anything while waiting for an opportunity to work for someone else. RETURN TO QUESTION
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What services are available?The list is far too long to go into here! Have a look in the directory for full details. The most popular services tend to be quite basic ones - babysitting, decorating, gardening, helping move heavy furniture (or pianos!) etc. As well as these, there are quite specialised services (there are many talented people in the scheme!) such as learning a new language or a musical instrument; aromatherapy, massage & other health areas; lots of arts & crafts; and computer services like Desk Top Printing, leaflets, marketing advice etc. RETURN TO QUESTION
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