Gutshot lose Court case Skills fight... Derek Kelly found Guilty!

[Bongo]

So that wasn't hip lingo for the casinos taking a cut?

[roverthtaeh]

A poker player said to be 'professional' will pay tax on earnings, self-employment style.
If said player operates at a loss (6 months being the current leeway period), the taxman will deem his profession not viable.

At least this is how my accountant views it as things stand at the moment.

[thetank]

A poker player said to be 'professional' will pay tax on earnings, self-employment style.
If said player operates at a loss (6 months being the current leeway period), the taxman will deem his profession not viable.

At least this is how my accountant views it as things stand at the moment.

This is incorrect.

A pro poker player in this country is not breaking laws by not paying tax. When I checked, they didn't want it.

For the purposes of your employment history, administration, what box to fill in etc., any time you spend as a pro poker player does not make you self employed. They count it as either being retired, or "leisure time".

[tikay]

A poker player said to be 'professional' will pay tax on earnings, self-employment style.
If said player operates at a loss (6 months being the current leeway period), the taxman will deem his profession not viable.

At least this is how my accountant views it as things stand at the moment.

Sorry, but your Accountant has got that completely & 100% wrong.

[roverthtaeh]

 I just sacked him.

[roverthtaeh]

A poker player said to be 'professional' will pay tax on earnings, self-employment style.
If said player operates at a loss (6 months being the current leeway period), the taxman will deem his profession not viable.

At least this is how my accountant views it as things stand at the moment.

This is incorrect.

A pro poker player in this country is not breaking laws by not paying tax. When I checked, they didn't want it.

For the purposes of your employment history, administration, what box to fill in etc., any time you spend as a pro poker player does not make you self employed. They count it as either being retired, or "leisure time".

That is very interesting information, thank you.

[AndrewT]

A poker player said to be 'professional' will pay tax on earnings, self-employment style.
If said player operates at a loss (6 months being the current leeway period), the taxman will deem his profession not viable.

At least this is how my accountant views it as things stand at the moment.

Your accountant's other clients aren't K Dodd and L Piggott, are they?

[roverthtaeh]

A poker player said to be 'professional' will pay tax on earnings, self-employment style.
If said player operates at a loss (6 months being the current leeway period), the taxman will deem his profession not viable.

At least this is how my accountant views it as things stand at the moment.

Your accountant's other clients aren't K Dodd and L Piggott, are they?

You know him then?

[Royal Flush]

Will be interesting to see if the venue opens a couple of BlackJack tables, might be the only way to ensure it breaks even or makes a profit.

my understanding is that DTD will 100% never have any table games. my experience of Rob is if he says never it stays never.

 

[boldie]

A poker player said to be 'professional' will pay tax on earnings, self-employment style.
If said player operates at a loss (6 months being the current leeway period), the taxman will deem his profession not viable.

At least this is how my accountant views it as things stand at the moment.

This is incorrect.

A pro poker player in this country is not breaking laws by not paying tax. When I checked, they didn't want it.

For the purposes of your employment history, administration, what box to fill in etc., any time you spend as a pro poker player does not make you self employed. They count it as either being retired, or "leisure time".

yep...that's what I've been told

[Indestructable]

Isn't a key word earnings? As i understand it tax is not payable on winnings, but poker related earnings are taxable. Examples would be writing magazine articles, appearing on poker tv shows etc. However, it is possible to keep these earnings below your allowance making it tax free.
One point that I think is debatable is where a poker company pays an entry stake for a sponsored player. No idea how this works as presumably the poker company will say promote us and we will not pay you, but instead we will pay your entry fees. If the player then wins money at the tourney he has in effect received a tax free income due to in part the poker company.
Maybe there are sponsored players that can say if i am right or talking a load of tosh

As for the verdict, always an obvious one.that's not to say that the current situation is right, but as the law stands he probably knew he was going to lose.

[glenner]

I have absolutely no idea, but numerous Posters on numerous Fora have all made the same linkage.

Poker wiinngs will NEVER be taxed, well not in my lifetime. Think "how?" (remembering that you'd have to be allowed to deduct losses) & you have your answer.
[/quote]

And that is why sponsors wont add big money into poker

[lazypoker]

The ruling seems to be based on whether there is any chance involved:

"He said: "Is poker a game of mixed skill and chance? That is for you to decide. The prosecution submit that common sense dictates that it is.

"Why do we say that? We say that because before a game can start someone shuffles the cards." "

I can't believe that the prosecution's case rested on whether poker was a mix of skill and chance. OK, I can believe it if that is the law, but I can't believe the law is so stupid. If Rubber Bridge clubs were deemed legal how can poker not be. There is just as much luck in Rubber Bridge, maybe more. Would Scrabble clubs be illegal if there was any prize money for tournaments? An identical argument could be made for Scrabble (the game starts with the tiles being shuffled) but it is 99% skill.

I hope Derek appeals and wins.

[Bongo]

Even scrabble players can get lucky though:
http://www.slate.com/id/2152255/

[tikay]

Shock news - Derek Kelly has lodged an Appeal.