suerye
 |
Yes, betting is free of income tax. If you were really doing it big time and making a living from it, HMRC could, but only could, argue you were trading, but I think they have more to worry about than a small time gambler. Let me know if you get any dead certs! |
|
man with the golden gun
|
I think you need to stop dreaming! |
|
McQ
|
No tax to pay on betting, as for making £300-£400 a week, this is bullshit - sorry horseshit!! |
|
?
 |
the dss will sue you |
|
grpr1964
 |
If you are making regular earnings on horse racing it sounds like you are organizing or running the betting (rather than actually doing the betting). If this is the case, then you are not betting, but earning. You will need to pay tax on the earnings once over a certain threshold.
Alternatively, ask an accountant! |
|
?
|
Can you let us into your secret? Can you really make £3/400 a week every week? |
|
hairy balls s
|
no but nothing lasts forever. |
|
5yellowchips
 |
betting is tax free in uk but not in usa |
|
Blue_Bell
|
are they winnings? don't pay tax if its money you win....unless its like a millon lol |
|
Professor
|
You don't need to declare horse racing winnings for tax. You may have had a lucky run but in the long term only the bookie wins - the reason being that he sets the odds. The Inland Revenue will not believe that you make money out of it and may want to know where you get the money from.. I would advise you to keep records of your winnings - they are a suspicious lot |
|
JOSEPH A
 |
sounds to me that your a tipster touting for customers |
|
jewelking_2000
 |
I think that you are ok but it is best just to ask your local tax office to confirm this in writing. Also switch bookies regularly as winners get banned. |
|
silly gorbie
|
no tax to pay...but will you carry on winning? |
|
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
