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#1
09-15-2005, 07:33 PM
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OT: UK tax implications
A question for poker players from the UK. If you are playing full time (or even part time) should you be declaring your earnings and paying tax? I gather in the US the IRS are a LOT more strict about keeping records, but on this side of the pond is there any need to worry? Does anyone know the UK tax laws on this?
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#2
09-15-2005, 08:03 PM
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Re: OT: UK tax implications
Gambling winnings are not taxable in the UK at this time.
Edit: I keep very strict records however, as the onus of proof is on you. If they ask where your $xxx,xxx,xxx came from last year, you need to be able to prove it was from gambling. Lori
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#3
09-15-2005, 08:09 PM
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Re: OT: UK tax implications
[ QUOTE ]
$xxx,xxx,xxx came from last year [/ QUOTE ] Yeah, so I think it's time you moved up to the $109s. [img]/images/graemlins/tongue.gif[/img] Yugoslav
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#4
09-15-2005, 10:24 PM
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Re: OT: UK tax implications
Same topic, slightly different question; what do people living the US, playing only part-time do with their taxes? Do you declare the amount you took out from neteller to your checking account as gambling winnings and pay tax on it?
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#5
09-16-2005, 07:04 PM
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Re: OT: UK tax implications
[ QUOTE ]
A question for poker players from the UK. If you are playing full time (or even part time) should you be declaring your earnings and paying tax? I gather in the US the IRS are a LOT more strict about keeping records, but on this side of the pond is there any need to worry? Does anyone know the UK tax laws on this? [/ QUOTE ] This has been discussed many times. No, in the UK we don't have to pay tax on our winnings. Here are a few links for you. http://www.internettexasholdem.com/p...m-vp96113.html http://www.thehendonmob.com/Articles...e%20taxman.htm
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