Tax related question

[smashedagain]

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?

the answer is yes as it will save a lot of time an complications later on if the worse happens, as I have had a stressful time over last year when the tax man was investigating all my finances over the last 15 years  which took 6 months to clear up with them coming to my house wt, actually two of them where I had to show tv clips  explaining what the differance between tournament an cash game poker is.an all my online poker accounts from the past an deposit receipts from casinos  to explain an prove I even had bettting slips photo copied to show them e.t.c. The trouble with meetings with my accounts to prove that poker had paid for for my lifestlye an had helped me with buying my buisness an visa versa was quite torrid an I hope I don't ever have to go through that again. Thankfully I was able to prove beyond reasonable doubt that my assets were all legit but the invasion of privacy an paying an accountant an loss of sleep did affect my life during those months.

all lies. I've seen you play poker and it ain't paid for shit

[SuuPRlim]

I would put the chances of your tax affairs being investigated at around 90,000/1

Wat does this mean. youre saying i didnt just have a tax investigation?

Youd know better than me tho

[nirvana]

I would put the chances of your tax affairs being investigated at around 90,000/1

Wat does this mean. youre saying i didnt just have a tax investigation?

Youd know better than me tho

Not at all , don't doubt you for a second. If there's one thing you always sound, it's totally authentic

Was referring to OP. Probably very bad note from me, but I would have thought that making a small number of deposits amounting to a small amount of money isn't very likely to bring you to the head of any list for investigation.

Worry about it, be safe, and keep records is what I meant to say, being responsible and all..

[AlexMartin]

nice fking problem, i want a rebate.

[SuuPRlim]

I would put the chances of your tax affairs being investigated at around 90,000/1

Wat does this mean. youre saying i didnt just have a tax investigation?

Youd know better than me tho

Not at all , don't doubt you for a second. If there's one thing you always sound, it's totally authentic

Was referring to OP. Probably very bad note from me, but I would have thought that making a small number of deposits amounting to a small amount of money isn't very likely to bring you to the head of any list for investigation.

Worry about it, be safe, and keep records is what I meant to say, being responsible and all..

haha sorry my reply sounded joke biting I really wasn't too bothered

Yh, you're right, the OP is in no danger watsoever of being suspected of anything, the times when he'll find himself under scrutiny is if he starts to mix gambling money and "real world" money together, the I think the IR has a right to suspect you're on the fiddle because it's almost impossible you wont be

Even then they won't bother with the poker side at all because they know whatever they find they wont be able to fine/do anything so it's not worth there time investigating it.

I got under the spotlight cos of business dealings with another guy who was under very heavy investigation and I had gotten into a bad habbit of mixing money from my business account, "luckily" for me I was using business pofits to disguise gambling losses, as opposed to using gambling winnings to disguise business profits lol- so I was ok !!

[smashedagain]

I would put the chances of your tax affairs being investigated at around 90,000/1

Wat does this mean. youre saying i didnt just have a tax investigation?

Youd know better than me tho

yeah but you also claim to have been abducted by aliens and analy probed...... And I know for a fact they were not aliens

[SuuPRlim]

I would put the chances of your tax affairs being investigated at around 90,000/1

Wat does this mean. youre saying i didnt just have a tax investigation?

Youd know better than me tho

yeah but you also claim to have been abducted by aliens and analy probed...... And I know for a fact they were not aliens

Iv told you countless times not to wear that stupid mask.

[DungBeetle]

Gambling winnings are extremely unlikely to be taxed going forward.  Aside from the point about losses and admininstration, at present the Revenue have a put option on punters' losses which is the optimal position for them to be in.  In the days of punter's duty they had a call option on punters' wins which is far less favourable.

This isn't a big favour the government are giving the punter.  They know exactly what they are doing so don't worry yourselves.

[smashedagain]

I would put the chances of your tax affairs being investigated at around 90,000/1

Wat does this mean. youre saying i didnt just have a tax investigation?

Youd know better than me tho

yeah but you also claim to have been abducted by aliens and analy probed...... And I know for a fact they were not aliens

Iv told you countless times not to wear that stupid mask.

....... You must do a trip report from this weekend. Never saw you play a comp but saw you walk upto cash tables with modest chips and be standing at the cage cashing out mahoosive chips not long after once or twice.

[AlunB]

There are only two things certain on blonde. Arguments and this conversation about taxes.

[kinboshi]

There are only two things certain on blonde. Arguments and this conversation about taxes.

But at least no one's mentioned Hitler.... 

[DMorgan]

But fwiw being a good christian boy, Hitler would have deffo taxed us

[kinboshi]

But fwiw being a good christian boy, Hitler would have deffo taxed us