Tax related question

[Ndt202]

So I graduated from Uni recently and have been playing poker as my only source of income. I've withdrew several 4/5 figure amounts into my bank account in the last few months and what i'm wondering is how long before hmrc get suspicious and question where this money is coming from?

Should I have been keeping some sort of records so I can provide proof that the income is from gambling if/when they decide to ask questions?

[Woodsey]

rofl, wish that was a problem I had to worry about.

[MC]

thin

[cambridgealex]

Dw about it, they can't tax any of it. Just relax and rub it on your titties. But quietly.

[ripple11]

In any investigation/questions, its all about you showing/proving where the money/Ferrari came from:

Transferring online you have an audit trail...no problem.
Cashing live you should remember you might have to prove where income has come from ,and its best to have some sort of receipt/proof/cheque record etc.

[blueace]

Id like to know how you think the state will know whats in your account?
Assuming you are not investigated by the tax office they will only know if you tell them, and as others have said you have no concerns as your income is not taxable.

[CHIPPYMAN]

Dw about it, they can't tax any of it. Just relax and rub it on your titties. But quietly.

UNDER THE BED

[gouty]

As long as your UKASH vouchers in are less than your bank transfers out you got no worries!

Spin it.

[smashedagain]

As long as your UKASH vouchers in are less than your bank transfers out you got no worries!

Spin it.

lol. UKASH is the devils work. I'm the only person that the little Asian shop keeper round the corner will take £50 notes off. Got a good mind to pass him a few dodgy ones to teach him a lesson.

Used to get all my winnings in £50's coz our lass can't spend em anywhere in Scunny

[leethefish]

I had a conversation with keys about this .....the main problem you full time pro guys are gonna have is when the powers that be decide to start taxing poker winnings.

If its your only source of income then it will really hurt.

[tight4better]

Spoke to a solicitor about this, they can't do anything currently as there's no tax legislation.

I had a conversation with keys about this .....the main problem you full time pro guys are gonna have is when the powers that be decide to start taxing poker winnings.

If its your only source of income then it will really hurt.

Won't be long before the tories get this done tbh, seems like a massive pinyata that just waiting to get whacked with a stick. It'll be terrible for the poker community obviously but I can't see them leaving what is essentially "free money" laying around.

[neeko]

Spoke to a solicitor about this, they can't do anything currently as there's no tax legislation.

I had a conversation with keys about this .....the main problem you full time pro guys are gonna have is when the powers that be decide to start taxing poker winnings.

If its your only source of income then it will really hurt.

Won't be long before the tories get this done tbh, seems like a massive pinyata that just waiting to get whacked with a stick. It'll be terrible for the poker community obviously but I can't see them leaving what is essentially "free money" laying around.

Gambling winnings won't get taxed as they would have to give tax relief on losses so the net result would be worse for tax man so nothing will happen.

[tikay]

Spoke to a solicitor about this, they can't do anything currently as there's no tax legislation.

I had a conversation with keys about this .....the main problem you full time pro guys are gonna have is when the powers that be decide to start taxing poker winnings.

If its your only source of income then it will really hurt.

 Won't be long before the tories get this done tbh, seems like a massive pinyata that just waiting to get whacked with a stick. It'll be terrible for the poker community obviously but I can't see them leaving what is essentially "free money" laying around.

Gambling winnings won't get taxed as they would have to give tax relief on losses so the net result would be worse for tax man so nothing will happen.

Correct. Instead, the providers of Live Poker get taxed, so it is already taxable, & the end user effectively must contribute.

Online, not so much, as most service providers to UK sites are based offshore, & so beyond the reach of legislation..

[Doobs]

Spoke to a solicitor about this, they can't do anything currently as there's no tax legislation.

I had a conversation with keys about this .....the main problem you full time pro guys are gonna have is when the powers that be decide to start taxing poker winnings.

If its your only source of income then it will really hurt.

 Won't be long before the tories get this done tbh, seems like a massive pinyata that just waiting to get whacked with a stick. It'll be terrible for the poker community obviously but I can't see them leaving what is essentially "free money" laying around.

Gambling winnings won't get taxed as they would have to give tax relief on losses so the net result would be worse for tax man so nothing will happen.

Correct. Instead, the providers of Live Poker get taxed, so it is already taxable, & the end user effectively must contribute.

Online, not so much, as most service providers to UK sites are based offshore, & so beyond the reach of legislation..

When they put betting tax on before, they didn't give me tax relief on my losses.  Other countries also seem happy to just tax winners. 

We should be happy we have a favourable regime for the likes of us and hope it continues.  I don't think we can assume it will always be like this though.

[gouty]

We all pay plenty of tax. 10% rake capped at £7?

I think a lot of venues have to pay 50% gross profits tax on that depending on square footage of gaming areas.