Can I stop Paying Income Tax

Do you have any income ?

Either die.......whoops no forgot about inheritance tax !
Earn less than £11,500 a year

Self-employed.

Innit.

go self employed as a professional gambler.your first years tax is estimated by you.How much you expect to win and then 26% tax will be the fixed amount(your only pay this one year after you start gambling).after 11 months write to the tax office and say you had a bad run of luck and you made no profits.In fact you can say you also made a couple of hundred grand building houses,but the bad run on the gambling upset all the profits and you lost money for the year.you can pick up all losing dockets of the floor of any bookmakers,so if the tax man comes looking for you you have proof that you lost over 200,000 quid.
Then try another year at the professional gambling.

the secret is to make the building of houses(or whatever you like to do/your real job)pay good profits.
then you offset all its profits against the bad run at gambling.remember you are registered as a professional gambler which is your main employment.And you have the losses to prove it.This allows you to drive a BMW car and have a villa in Spain and still be stone broke.

These posts are quite outstanding nonsense, even by brassneck's standards.

thank you dave,but if you want to avoid paying tax there are hundreds of ways I only give one example for a professional gambler who has declared himself as being that to the revenue.

it is not a crime to have two jobs.
it is not a crime to be a professional gambler.
the revenue will combine all your earning(income and expenses) together.
And they work with receipts.
A good accountant will explain to you in  better detail the ways of avoiding payments of tax,they call them loopholes of the trade.
there is nothing knew about these means of avoiding tax.

new

There is a basic fault with all of this. "Earnings" from gambling are non taxable! End of!

Another avoidance of income tax for the self employed and widely used is to go on the drink with you mates and get a receipt for every round of drink.This then appears in your returns as a business lunch.nearly everything a self employed person spends can be written off against profits earned,provided the receipts given to the revenue are in line with the normal day to day running of the business you have declared as your main income.if you have the receipt the revenue will not argue.

slicer,everyone pays tax,i you trying to tell me that a bookmaker does not pay tax.well if that the case I am owed a few million over the years as a bookmaker.And paddy power is doing well not paying tax.

When you become a profession gambler and declare yourself as such,you have to apply for a cert.of personel fitness ,on it when you sign it you declare to agree with the income tax laws of the land,i am surprised that you slicer do not know this being a pro gambler yourself.

A private individual who proves to the IR that he is a successful professional gambler does not pay ANY tax from his income! End of!

All income is taxable even the lotto,unless prior allowance is given by the revenue.earning are earnings.
And a bookmaker is a private individual who is a successful gambler.

most gamblers who win will try to declare the losses to offset the winnings ,that's why you need the cert of P.F. when you register as a professional gambler.

Brassneck- please- this is getting embarrassing. I am told you are supposed to be the Premier Supreme Gambling Expert. Lotto winnings are NOT taxable. You clearly are misinformed, whereas I- well let's leave it at that! Put it this way- I know what I am talking about.

Slicer--He's clueless about most things so why would you expect
him not to be on this subject?

JML- I am giving him the benefit of the respect I show to most forumites on Betfair. The thing is, if he professes to be a pro gambler, he would know the facts. He clearly does not!

And all professional gamblers must send in certified returns each year.And any professional gambler on this site will tell you this.
and the final day for posting returns this year is the 30th October.Have you sent your in yet?

A pleasing afternoon's sport on the riverbank, brassneck. Minimal bait too.

Time to chuck 'em back, I think.

you guys say you are professional gamblers ,it proves that you talk bold.I rest my case ,if you were professional you would know this ,just goes to show who can make a proper show of themselves.

I don't mind playing the game Mr beneaththewaves. In fact it helps pass the time in between dog races and posting on more serious subjects. If he thinks he caught me in his net, I don't mind if it makes his afternoon more pleasant. At least I haven't had a major disagreement like on certain other threads on chit chat. I hope this clarifies the matter.

slicer/if a guy wins a few thousand pounds and buys a new car ,and then tells the revenue he got a pull on the horses it is ok.
the 30 or 40 thousand goes down on the disregards section of his returns.once it is verified.
But if you were a professional gambler you would know that it will be classed as income if you win 40 grand .So the bottom line on this chat is that you are not a professional gambler otherwise you would know this information.
You may call yourself a professional gambler but you are not one my good friend and I am wasting my time talking to you ,because I am giving you the facts that you should know.So I will say no more because the less said the better.

You are saying no more? What a relief!

yes slicer we agree to differ,but I still like you.

Buy a wreck of a house, live in it for a year do it up...........no tax on the profit

As a pro punter, declare to the inland revenue that you've had a bad year, and have 30 grand of losing receipts to prove it, as explained earlier about picking up losing slips in the shops... present them to the IR and they'll send you a cheque for 30 grand. Easy peasy.

another pro punter digging a hole for himself.johnizere yoy are nearly as bad as slicer,this is a great thread loads of whales shooting themselves in the finns.