Gambling winnings...count as an income?

Options
Morata_
Morata_ Posts: 182 Forumite
in Employment, jobseeking & training
I you win £6k profit in a tax year, does this have to be declared as “earnings”???

Asking for a friend...
«1

Comments

  • Tallaght
    Tallaght Posts: 1,632 Forumite
    First Anniversary Combo Breaker First Post
    Options
    Are you self employed ?
  • sportsarb
    sportsarb Posts: 1,069 Forumite
    First Anniversary First Post Combo Breaker
    Options
    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_
    Morata_ Posts: 182 Forumite
    Options
    If your self employed it counts??
  • nicechap
    nicechap Posts: 2,852 Forumite
    Name Dropper First Anniversary First Post
    edited 18 May 2019 at 2:31PM
    Options
    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/
    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."
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Name Dropper First Post
    Options
    Ring HMRC, tell them the situation and they'll tell you what you need to do, simples.
  • frugalmacdugal
    frugalmacdugal Posts: 10,077 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Options
    Hi,


    if self employed can losses be offset against earnings/tax?
  • DavidT67
    DavidT67 Posts: 390 Forumite
    First Anniversary Name Dropper First Post
    Options
    No! LOL....
  • General_Grant
    General_Grant Posts: 4,844 Forumite
    First Anniversary Name Dropper First Post
    Options
    nicechap wrote: »
    Depends on how it was won.

    Was tax paid on the stake money?

    What do you mean by that question?
  • frugalmacdugal
    frugalmacdugal Posts: 10,077 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Options
    Hi,


    there's no tax on bets now, either on stake or winnings.
  • Xbigman
    Xbigman Posts: 3,884 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    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
    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards