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Where Taxpayers and Advisers Meet

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by HarryStyles
Fri Oct 16, 2020 10:23 am
Forum: Income Tax
Topic: Income tax on dividends
Replies: 8
Views: 742

Income tax on dividends

Hi all, One more question from me. If you have a 'General Investment Account' but receive dividends of circa £500 per annum, do these have to be reported on a tax return? I was under the impression that they do not need to be declared as its under £2,000. These dividends are also accumulated too wit...
by HarryStyles
Tue Oct 13, 2020 9:19 pm
Forum: Income Tax
Topic: Gambling/Betting Related Query vs Individual
Replies: 10
Views: 684

Re: Gambling/Betting Related Query vs Individual

Thanks for all the replies. I guess it comes down to the fine line between bookmaking and gambling. My friend asks me for a bet and I obviously have to give him odds on the event happening as its not always a 50/50 bet. But how HMRC would see it I have no idea.
by HarryStyles
Tue Oct 13, 2020 5:12 pm
Forum: Income Tax
Topic: Gambling/Betting Related Query vs Individual
Replies: 10
Views: 684

Re: Gambling/Betting Related Query vs Individual

If it's one to one, then it's just gambling between friends (regardless of amount) Thanks Pawncob. Is there any evidence of this anywhere because I'm struggling to find the exact answer? Does it have to be an exact 50/50 chance bets? Because the guy rings me asking whether I want to take his bets o...
by HarryStyles
Tue Oct 13, 2020 3:52 pm
Forum: Income Tax
Topic: Gambling/Betting Related Query vs Individual
Replies: 10
Views: 684

Re: Gambling/Betting Related Query vs Individual

Thanks for your reply. What about taking bets with just one other person though? Not more than one person?
by HarryStyles
Tue Oct 13, 2020 1:33 pm
Forum: Income Tax
Topic: Gambling/Betting Related Query vs Individual
Replies: 10
Views: 684

Gambling/Betting Related Query vs Individual

Hi all, Thanks for taking the time to read this post. Over the last 3 years a friend has been betting on sports with me and vice versa. Its began to get to the point where its quite high stakes and my profits are starting to mount up to over £60,000. My assumption was always that I was gambling with...

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