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had a few bets on outright snooker yesterday
if Robbo wins market says my profit is and will pay comm on that amount(not much profit by the way)
but it will not take into account the other few bets from players gone out
So in effect as betfair settled losers as they go out i will pay more in comm than actually won
good here innit
if Robbo wins market says my profit is and will pay comm on that amount(not much profit by the way)
but it will not take into account the other few bets from players gone out
So in effect as betfair settled losers as they go out i will pay more in comm than actually won
good here innit
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Anybody with aspirations of making it full time on here knows that you are actually better off paying BF in commission, since you will get taxed by them with PC if you don't.
When you then get to higher rate PC all the PC they have already taken to make up the shortfall of upto 21.5% of your profit if effectively discounted in the final reckoning to determine which rate you are in (40/50/60)
Therefore if you are going to lose 21.50% while at standard PC you are far better paying it in commission to get yourself in the lowest high rate band.
I didn't realise this until I hit HR and wish somebody had told me before hand as its a royal pain in the arse getting into a lower rate, especially when they have taken the money anyway then decided not to count it.
When you then get to higher rate PC all the PC they have already taken to make up the shortfall of upto 21.5% of your profit if effectively discounted in the final reckoning to determine which rate you are in (40/50/60)
Therefore if you are going to lose 21.50% while at standard PC you are far better paying it in commission to get yourself in the lowest high rate band.
I didn't realise this until I hit HR and wish somebody had told me before hand as its a royal pain in the arse getting into a lower rate, especially when they have taken the money anyway then decided not to count it.
y dont u open new accounts like everyone else? i havent paid any pc and don't plan on ever doing so.
Are we talking about lay bets, Wit-ham? It sounds very much like you're talking about retained commission. You pay commission based on your net position on a market once it has been settled for good. Betfair retains commission along the way based on 'winning bets' that have already been settled. This will be freed up once the winner has been determined, and your commission will be charged based on your position on the winner. You can't possibly pay more commission than you win on a market.
Well yomomma,
The reason I chose not to is because I believe the risk is too high for my situation.
I suspect you mean accounts in other people's name (don't answer that)
The inland revenue allows 3k per person per year 'gift allocation'.
If you transfer money between individuals you could not only get a whopping 40% tax bill but if the money is considerable they will freeze your assets since its money laundering.
Paying PC is the lesser evil, I'd rather not get into potential fights with entities that can send you to jail.
The reason I chose not to is because I believe the risk is too high for my situation.
I suspect you mean accounts in other people's name (don't answer that)
The inland revenue allows 3k per person per year 'gift allocation'.
If you transfer money between individuals you could not only get a whopping 40% tax bill but if the money is considerable they will freeze your assets since its money laundering.
Paying PC is the lesser evil, I'd rather not get into potential fights with entities that can send you to jail.
Latalomne had two bets on snooker yesterday at market says win 13 quid
but if all other bets which now do not show are taken into account
I win a whole pound before comm,all i was wondering was do i pay comm on the £13 or the £1
must admit never thought of this before,but then its only for fun with me
but if all other bets which now do not show are taken into account
I win a whole pound before comm,all i was wondering was do i pay comm on the £13 or the £1
must admit never thought of this before,but then its only for fun with me
dustybin, you can make a gift payment of more than 3k a year and it only becomes liable to max 40% IHT if you die within 7 years of making it, and that amount of tax tapers off after 3 years of being made, 20% reduction each year, as I understand it.
Ok only payed comm on the overall profit of £3 solves that one
Yeah Darren that sounds about right.
It years since I looked it up and got a few wires crossed.
I forgot the death bit and just remembered it was liable for income tax rates.
That said if like me you have other interests and have tax returns to file then you still have to declare it, and I suspect many don't on the basis they think it's tax free capital. Which then brings us back to the potential issue of being found laundering if you have the auditors in.
I'm just speaking personally, not advising either way.
It years since I looked it up and got a few wires crossed.
I forgot the death bit and just remembered it was liable for income tax rates.
That said if like me you have other interests and have tax returns to file then you still have to declare it, and I suspect many don't on the basis they think it's tax free capital. Which then brings us back to the potential issue of being found laundering if you have the auditors in.
I'm just speaking personally, not advising either way.
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