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scoop i wish 365 were as nice to me - could you ask them why they only wanted to lay me an easter egg to a half eaten chocolate button ?
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yes now some advice Mike as you know i'm more experienced with the vodka old son -- when its 1/2 full top it up with water- just in case the misses has a drop after you go to sleep
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Did they not even let you speak to a TRADER, the worlds going mad .
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scoop i have about 80 open accounts with 365 - they are all on lay the bugger pennys mode - thats what they do when you smash there conkers
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scoop ill tell u a few today ok - for bet 365 a nice como bet for u keep looking ' your email my son
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if they taxed profits on gambling they would have to make losses tax deductable so most of us on here would get a humungous tax rebate every year..
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Also Is it fair that gambling winning is tax exempt?
If it was taxed that would mean losses were tax deductable. On the basis there are more losers than winners this would probably bankrupt the exchequer :) |
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sorry didn't see that post
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The law is peculiar when it comes to tax - But my best option is do what ive always done - dont fill the tax return in and let them make the running- i'll sit behind with a double pocket full
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But Barclays have an interesting view - when i asked them what my loan status would be regarding a mortgage loan (if required) - they told me i was a top 5% customer with an un- certificated 1/2 million availability. But that could change if funds deposited in to my current acc on any month of the year dropped to less than £5k regardless of what was withdrawn.
It's interesting to see how the financial world looks at things |
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didds, when I sought advice about a motrgage, was topl i could have up to half/million,
Doesnt mean I could afford that though lol maybe if I didnt eat, pay bills etc, mid you that was 4 yrs ago |
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Whats to stop you recycling your funds to keep the status quo, sounds strange to me... but thats bankers for you... :) mail ready to recieve...
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i have not got a helicopter, but i have got a corby train! :-)
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Didds
If you claim back VAT on racehorse purchase/ expenditure than you must have a sponsorship agreement with a third party which must be income producing for the BHB VAT reclamation scheme to work. If you say to the taxman that you have no income you could lose your entitlement to reclaim VAT on your horses. If the horse is registered through a business rather than individually then you will have to complete tax returns for this in any case. |
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HM Revenue v Alec Bird (pro gambler) taxman wanted cut of Birds winnings , Bird said OK , but I want tax relief on my losses , case dismissed , EoS.
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Nice 1 Matt
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Nice one matt
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Not this old chestnut again - once and for all ....
ALL winnings (ie.horse racing bets:lottery:football pools etc. are TAX FREE. It matters not a jot if you are able to make a living out of it or not. All winnings are not taxable - PERIOD! Let's look at a theoretical example - say you win consistently on the lottery week after week, then even if you're a millionaire after a few weeks, then the winnings are still totally tax free. I've spoken about this to my accountant on many occasions and he confirms this as well. You may need proof of where you got all the money from, but your bank statement will confirm the whereabouts of large credits. You may have difficulty proving anything if it's all 'cash in hand', but horse race winnings these days can usually be proofed as most punters have bank accounts or bookmakers deposit accounts with printable statements for records. Hope this clears it up. |
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the way i understand it - is ,if you have no other form of income and dont claim benefits,but win enough to live of winnings,then your gambling becomes an income - which it is ,yes you can deduct looses from previous year if lost,you can also deduct any costs- i.e going to track,computer etc etc.if you have an income - then its tax free as the main part of your week is taken up in doing this - but if you do nothing but gamble then its taxable - its tax free when you win it ,so you can deduct costs but pay tax on rest.
its not about money ,but about what you do with your time,which determines wether you have to pay tax - otherwise bookies would not have to pay tax,as they win from gambling. |
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what a thoroughly hilarious thread. Cheered me up no end, thanks Diddles.
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comingupthehill - I'm certain that none of what you say is true!
It's totally irrelevant if you have a full time job or not. If you're unemployed and you make a living from horse race winnings, then the tax man is still not interested in what you earn. As long as you have proof of where the money came from, you wont pay tax on it. The reason why bookmakers have to pay tax is because they are a REGISTERED business, and as a registered business, business tax laws apply to them. ie. corporation tax and all the other overheads that come with any other type of business. |
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moke give up........they probably bet on virtual racing as well.
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if you are unemployed then your winnings are tax free - but if you gamble only and have no other income and win enough to live or more than tax code - then you gambling becomes your job ,solution is to get a part time job ,even 8 hrs a week - then your winnings are tax free,you have to say what you do all week and if all you do is gamble and win then the tax man counts this as income ,which you can then deduct looses and exspenes.
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lol
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Seriously any big gamblers worried about losing assets under the Criminality/money laundering rules should get a qualified accountant to draw up a set of accounts every year from their Betfair statements etc. Probably cost about a grand but it would be some kind of piece of mind.
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Moke it would have to be tested in court
The only reason what you say is true us because the Revenue CHOOSE NOT to pursue tax from people whose sole income is from gambling. Current tax regulations would allow it if they chose to pursue tax from these individuals. But it would need testing in court. |
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money made from gambling is not taxable - end of thread
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and yet properly licenced bookmakers have to pay tax
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supposing all you did was gamble by laying - arent you then a bookie,why do bookies register - they may aswell just say they re gamblers and pay no tax
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the law is - what a reasonable person would deem your full time occupation/source of income is,if you bet all day and reguarly win then it becomes income.
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True bookies don't gamble though if they make a proper overround book?
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only 2 % win ,of those 2% - 90% will have another source of income ,may own houses ,so they are landlords,may work within racing in some capacity,or have a pension,or on the sick ,or own a business,before betfair you could only win of bookies and they would close your account if won reguarly,hence why never tested as no one actually just bets /backs and wins and dont have any other source of income no matter how small that income is.
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Sorry comeingupthehill, but what you are saying just isn't true. Just put what you are saying to any accountant worth his salt and he'll confirm what I'm saying.
If you earn a living from backing horses, then that income is not taxable WHATEVER your circumstances are. If you've been told otherwise, then I'm afraid you've been seriously misinformed! |
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comingupthehill
:^0 Oh dear |
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Oh dear indeed!!
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i had a tax inspection 2 yrs ago - but i had another source of income - they had all my bets and racing accounts,but as you say couldnt touch me as legally it wasnt my main source of income.he actually asked me for a tip pmsl,give him one and it won - my investigation was rapidly complete and no outstanding tax was owed.
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moke, flyingbolt et al
you don't win the argument by banding together and trying to ridicule the dissenters fwiw, coming upthehill is correct |
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Well what's your point at 13:42 all about then - contradicting yourself surely?
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someone said its tax free - it isnt if you win over the year and have no other source of income and spend the bulk of your week doing this.
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swift tuttle.
Absolute nonsense If I have to spell it out..............The money the IR would take from the small percentage who make it pay would be vastly overshadowed by the fortunes they would have to give back to those who lose who if gambling was a taxable income would be perfectly entitled to offset their losses against any income earned. End of thread ? |