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Gambling winnings...count as an income?

Morata_
Posts: 182 Forumite
I you win £6k profit in a tax year, does this have to be declared as “earnings”???
Asking for a friend...
Asking for a friend...
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Comments
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Are you self employed ?0
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Its not earnings, because although there is some skill in betting, it is not 'earned'.
It would fall to be treated as capital though if it resides in a bank account.0 -
If your self employed it counts??0
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I you win £6k profit in a tax year, does this have to be declared as “earnings”???
Asking for a friend...
Depends on how it was won.
Was tax paid on the stake money?
What does their accountant say?
Does your friend not have access to google either?
https://www.beatthatdeal.com/are-poker-winnings-taxed-in-the-uk/Originally Posted by shortcrust
"Contact the Ministry of Fairness....If sufficient evidence of unfairness is discovered you’ll get an apology, a permanent contract with backdated benefits, a ‘Let’s Make it Fair!’ tshirt and mug, and those guilty of unfairness will be sent on a Fairness Awareness course."0 -
Ring HMRC, tell them the situation and they'll tell you what you need to do, simples.0
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Hi,
if self employed can losses be offset against earnings/tax?0 -
No! LOL....0
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Hi,
there's no tax on bets now, either on stake or winnings.0 -
No! LOL....
Whats LOL about it?
If you are self employed and your business involves gambling then it is taxable as well as tax deductible.
If you are a self employed plumber then gambling is a personal activity and its not taxable, although if its more than a few quid you had best keep receipts/records to prove it. And don't put it through a business account.
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Eat properly
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