Gambling winnings...count as an income?

Morata_

I you win £6k profit in a tax year, does this have to be declared as “earnings”???

Asking for a friend...

Tallaght

Are you self employed ?

sportsarb

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.

Morata_

If your self employed it counts??

nicechap

Morata_ wrote: »

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/

[Deleted User]

Ring HMRC, tell them the situation and they'll tell you what you need to do, simples.

[Deleted User]

Hi,


if self employed can losses be offset against earnings/tax?

DavidT67

No! LOL....

General_Grant

nicechap wrote: »

Depends on how it was won.

Was tax paid on the stake money?

What do you mean by that question?

[Deleted User]

Hi,


there's no tax on bets now, either on stake or winnings.

Xbigman

DavidT67 wrote: »

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.


Darren