Gambling addiction benefit allowance

Matt_B_74

Hi There, I have a gambling addiction for which I am currently recieving councelling for. My problem is that I am self employed and I need to complete my tax returns for the last financial year. A lot of money was spent on gambling and I know I cannot log this as a legitimate business expense. But if I log this as takings it's going to have a detrimental effect on my benefit allowance for this year and I'm afraid I will not be able to support my family. Any advice would be appreciated

Caz3121

Matt_B_74 wrote: »

if I log this as takings it's going to have a detrimental effect on my benefit allowance for this year

what benefits do you receive?
are you a sole trader or limited?
I can't see the drawings being treated as anything other than income

Alice_Holt

"A lot of money was spent on gambling ".


If it was money earned during the course of your self employment, then it's income that needs to be reported.

Your tax return should detail business income less business expenditure.

TELLIT01

If you fail to report income accurately you will be committing fraud. That may be tax fraud, benefit fraud, or both.

pmduk

Matt_B_74 wrote: »

But if I log this as takings it's going to have a detrimental effect on my benefit allowance for this year and I'm afraid I will not be able to support my family.

The most constructive and non-judgemental thing I can say is try to use this as a spur to giving up. There are no Government or DWP benefits to make up for gambling losses.

Matt_B_74

Sole Trader,

Currently receiving Housing Benefit and working and child tax credits

Tallaght

Try https://www.gamcare.org.uk/

Matt_B_74

It wasnt money earned it was money lost unfortunately

Matt_B_74

Tried, Gamcare, national debtline, CBA, Tax aid, various accountants and nobody seems to have a definitive answer.

soolin

Matt_B_74 wrote: »

It wasnt money earned it was money lost unfortunately

You earned it first though, so it is treated as earned income, to suggest otherwise would be fraud.

Matt_B_74 wrote: »

Tried, Gamcare, national debtline, CBA, Tax aid, various accountants and nobody seems to have a definitive answer.

Then you are asking some shady people, I am shocked especially at any accountant that doesn't understand tax.

If you earn money you declare it as such when preparing your accounts for HMRC, how you spend it afterwards is immaterial, yours unfortunately was lost to gambling, but it still counts as income.

Think of it from a different viewpoint. Assume you had a 9-5 job and got paid and then used all that money for gambling, would you expect HMRC to pay back all the tax and National insurance deducted from it at source by your employer?

tomtom256

Surely OP is a troll.