I lost my job a few weeks ago but since have found a way to make £300- £400 on horse racing each week so obvously I wanna keep doing this I'm just worried now I'm going to get a big tax bill my friends say I'll be allright as betting in the UK is tax free. I'm also on jobs seekers but am signing of soon as I'm making more then enough
What do I need to do?
thanks
2007-02-05 23:11:07 · 13 answers · asked by Add 3 in Business & Finance ➔ Taxes ➔ United Kingdom
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!
2007-02-05 23:16:22 · answer #1 · answered by fengirl2 7 · 0⤊ 1⤋
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!
2007-02-06 07:16:55 · answer #2 · answered by grpr1964 4 · 0⤊ 0⤋
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
2007-02-08 16:40:59 · answer #3 · answered by Professor 7 · 0⤊ 0⤋
No tax to pay on betting, as for making £300-£400 a week, this is bullshit - sorry horseshit!!
2007-02-06 07:17:21 · answer #4 · answered by McQ 3 · 1⤊ 0⤋
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.
2007-02-06 07:15:57 · answer #5 · answered by jewelking_2000 5 · 0⤊ 0⤋
Can you let us into your secret? Can you really make £3/400 a week every week?
2007-02-06 13:16:04 · answer #6 · answered by BRIAN S 3 · 0⤊ 0⤋
betting is tax free in uk but not in usa
2007-02-08 17:26:14 · answer #7 · answered by Anonymous · 0⤊ 0⤋
sounds to me that your a tipster touting for customers
2007-02-06 10:27:12 · answer #8 · answered by JOSEPH A 2 · 0⤊ 0⤋
no tax to pay...but will you carry on winning?
2007-02-06 07:15:37 · answer #9 · answered by Anonymous · 0⤊ 0⤋
are they winnings? don't pay tax if its money you win....unless its like a millon lol
2007-02-06 07:15:33 · answer #10 · answered by Blue_Bell 1 · 0⤊ 0⤋