Yeh Ole you will be fine. I know for sure you don't have to pay tax on gambling even if it is your main income.
I even think its tax free all over europe but im not 100% sure on that one.
It is definitly taxable in american though.
Professional Gambler & Income Tax
by Fred Far on Sat Jul 07, 2007 2:21 pm
At the end of the day as long as you can prove its gambling, ie you win and you lose, they will not want to tax you, cause you will be able to claim your loses against your winnings.
You can go and pay national insurnce to keep it up together, as if you miss payments you cant make them up and you need so many years to get your state pension (if there is one left by that time).
Other choice is to get part time job, to pay your tax and ni. Then just gamble part time to top up.
What you got to remember is all those job less people claiming benefits while in the bookies most of the day! do they pay tax, er no.
If that worried, go in and speak to your local tax office as if your not paying tax or ni, they will know anyway! and wonder how you are living, hence why people get caught down the years when they think they have got away with it. You dont want to lose out on a state pension just because you didnt get the right tax code or paid up your national insurance.
Just remember...
Fail to prepare and you prepare to fail!!
You can go and pay national insurnce to keep it up together, as if you miss payments you cant make them up and you need so many years to get your state pension (if there is one left by that time).
Other choice is to get part time job, to pay your tax and ni. Then just gamble part time to top up.
What you got to remember is all those job less people claiming benefits while in the bookies most of the day! do they pay tax, er no.
If that worried, go in and speak to your local tax office as if your not paying tax or ni, they will know anyway! and wonder how you are living, hence why people get caught down the years when they think they have got away with it. You dont want to lose out on a state pension just because you didnt get the right tax code or paid up your national insurance.
Just remember...
Fail to prepare and you prepare to fail!!
- Fred Far
- Posts: 2
- Joined: Wed Aug 06, 2008 3:55 pm
by lucky_scrote on Sat Jul 07, 2007 2:37 pm
"vis
lucky_scrote, your sponsorship income is almost certainly taxable"
...thanks whoever you are, it's been looked into, and my sponsers pay tax on the % that they get back.
Lol kind of creepy that someone is spying on me!
lucky_scrote, your sponsorship income is almost certainly taxable"
...thanks whoever you are, it's been looked into, and my sponsers pay tax on the % that they get back.
Lol kind of creepy that someone is spying on me!
- lucky_scrote
- Posts: 7
- Joined: Wed Aug 06, 2008 3:34 pm
by Fred Far on Sat Jul 07, 2007 3:40 pm
Want to be carefull as you will need to pay tax on sponsorship money as you will be treated as a business, you may have to include your winnings to be taxed as well! The people paying to sponsor you will be putting it through the books and they may get tax relief.
Providing a service is taxable and as someone else pays you to advertise or appearance money, then it will need to go through your books. Unless you get paid cash, there will be a record of it and its open to be followed up and investigated. The sponsors will want a return on their investment, so will the tax man!
Providing a service is taxable and as someone else pays you to advertise or appearance money, then it will need to go through your books. Unless you get paid cash, there will be a record of it and its open to be followed up and investigated. The sponsors will want a return on their investment, so will the tax man!
- Fred Far
- Posts: 2
- Joined: Wed Aug 06, 2008 3:55 pm
by lucky_scrote on Sun Jul 08, 2007 6:31 am
Oh yes, i checked back to see if i posted that but didnt see that. Haha im sorry.
- lucky_scrote
- Posts: 7
- Joined: Wed Aug 06, 2008 3:34 pm
Re: Professional Gambler & Income Tax
by ogremage on Wed Oct 14, 2009 8:28 am
If someone is a poker pro, pays no tax, does not pay NI and gets no unemployment/child care/etc benefits from state, are there any implications in regards to NHS? E.g. is he no longer covered and has to get private insurance?
- ogremage
- Posts: 1
- Joined: Wed Oct 14, 2009 8:26 am
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