and as so earned £20,000 per year and also being my sole source of income would i have to pay tax?
2006-11-13 03:54:44 · 5 answers · asked by Anonymous in Business & Finance ➔ Careers & Employment
i only know what happens with professional gamblers in the united states: they must report their income. if they keep track of their losses for the same year and can prove them on paper if there is an audit, then they deduct their losses from their gains and come up with a net income. yes, they do pay taxes on their gambling gains. gambling is their job.
2006-11-13 04:07:17 · answer #1 · answered by Louiegirl_Chicago 5 · 0⤊ 0⤋
I don't know about Europe, but in the USA we have to pay taxes on ALL income, except life insurance inheritance and maybe a couple of other things, but gambling winnings is definitely taxed here, even if we have a regular job.
2006-11-13 04:02:28 · answer #2 · answered by Life after 45 6 · 0⤊ 0⤋
If you lived in the Stae of Washington (and in the USA) the tax man would expext his share, and the casinos report directly to the IRS certain amounts. I have a frined that is a professional poker player, he has personal experience in this matter. He ahs pd his dues now plus late feels. It looks to me like you may be in the UK and if that is the case, someone else may need to help you further.
2006-11-13 04:04:17 · answer #3 · answered by Valerie 6 · 0⤊ 0⤋
nope not 1 penny would have to go to tax if your in the uk
2006-11-13 04:02:32 · answer #4 · answered by Darren P 2 · 0⤊ 0⤋
legally yes, but if you dont get caught then dont worry about it ............
2006-11-13 04:02:34 · answer #5 · answered by Jaym 2 · 0⤊ 0⤋