UK profesionals please help! Information required!

[ipp147]

Hi, welcome to the forums.

[ QUOTE ]
1. What is the REAL situation with Income Tax if poker is your sole source of income in the UK? My word, i've never found such a diverse range of opinions on what is surely a very simple question with a very simple answer? I've seen ''Tax Inspectors'' claiming the IR ignore poker as an activity all together, yet I have also seen people stating they are registered self employed and are actively paying taxes on their poker earnings... Very bizarre that so many intelligent individuals cannot produce a solution to this.

[/ QUOTE ]

I have always been of the understanding that earnings are not taxable. The "hendon mob" don't seem to pay any Mob Article

Here is what I think is the relevant inland revenue page Inland Rev

I have actually asked an accountant to contact the revenue on my behalf to clarify as I don't want to be ripped a new one in 6 months. I am awaiting a response.

[ QUOTE ]
2. How do you go about assuring any form of credit as a professional poker player? Specifically is it possible to get a mortgage? I assume this is not possible, as you have no reliable source of income? However £3000 a month for the last 6 months and £10000 in the bank seems reliable to me...

[/ QUOTE ]

It is possible to get a self cert mortgage. Basically however if you haven't got 6 months of records behind you it will be difficult and the rate you would get will be pretty bad. If you approach a good mortgage IFA it turns out that there are firms that don't actually check the 6 months records so if you are prepared to lie......

Good luck and feel free to PM me if you have any more questions etc.