Renee Xsie

[pleno1]

poker is not a skill game lol

i sit in william hill and charge people $20/hour for tips on the horse races coming up, showing them data etc - i pay tax on that

i sit in william hill and only choose bald people to give $100 for the next race that i will ask for 50% of the profits to - i don't pay tax on that

if i lived in finland, then it would be different, gambling winnings are taxable and i would have to pay in both scenarios.

[Rexas]

Not overly sure what's going off now, think I got the bite a little there :p

[TightEnd]

poker is not a skill game lol

i sit in william hill and charge people $20/hour for tips on the horse races coming up, showing them data etc - i pay tax on that

i sit in william hill and only choose bald people to give $100 for the next race that i will ask for 50% of the profits to - i don't pay tax on that

if i lived in finland, then it would be different, gambling winnings are taxable and i would have to pay in both scenarios.

if BRS is a registered company in the UK (website doesn't say, no company number given) , employing staff and being promoted as a business, its liable for tax isn't it?

[RED-DOG]

poker is not a skill game lol

i sit in william hill and charge people $20/hour for tips on the horse races coming up, showing them data etc - i pay tax on that

i sit in william hill and only choose bald people to give $100 for the next race that i will ask for 50% of the profits to - i don't pay tax on that

if i lived in finland, then it would be different, gambling winnings are taxable and i would have to pay in both scenarios.

if BRS is a registered company in the UK (website doesn't say, no company number given) , employing staff and being promoted as a business, its liable for tax isn't it?

Shhh!!

Ixnay on the usinessbay.

[doubleup]

poker is not a skill game lol

i sit in william hill and charge people $20/hour for tips on the horse races coming up, showing them data etc - i pay tax on that

i sit in william hill and only choose bald people to give $100 for the next race that i will ask for 50% of the profits to - i don't pay tax on that

if i lived in finland, then it would be different, gambling winnings are taxable and i would have to pay in both scenarios.

You are completely missing the point.  Gambling winnings are not taxable but gambling businesses pay tax on their profits.  The courts decided many years ago that an individual gambling wasn't a gambling business.  An individual or group staking a few horses in a tournament also is highly unlikely to be a business.  However, if you call yourself a business <ding ding ding> and adopt the policies of a business, you shouldn't be surprised if HMRC agree with you and ask you to cough up.

  

[MANTIS01]

But what about pics of the nice bum? That is the most pressing topic here...so if they aren't taxable et's see em.

[SuuPRlim]

If you're a registered company in the UK then any profits it makes (revenue minus expenses) will be subject to corporation tax, regardless of where your revenue come from. The "gambling" that is tax free in the UK is personal recreational gambling, you win a poker tournament for £x, the lottery for £x or £x on roulette that money is yours, the government currently has  no distinction between Neil Channing pro gambler, and big mick who plays roulette every friday.

Organised, professional gambling - any corporation that profits from gambling on a professional level is liable to the same tax everyone else is. You might argue that what is the difference between say, Toby Lewis and a ltd company syndicate that bets football matches is actually nothing in principal except scale, and you'd be close to right IMO however this is just how it is.

Staking is a mutual business agreement where you're paying to share equity with another business.

less of the "business" please - staking is a jolly gamble, entirely for the entertainment of all concerned.

When i referred to staking as a "business" in this post, I was highlighting the difference between a casino/gambling business and an organised staking company (which is quite a bizarre thing to have to do TBH) and was keeping it in context, if you like you can think of it like this;

Casino's are desperate to try get you in and gambling with negative expectation, whilst staking is a jolly gamble that both sides are sharing the EV off (be it positive/negative/neutral) one example splits the expectation and the other takes from each other, utterly different (in fact in business theory terms i doubt you can get a bigger difference)

On a separate note, your sentiment is defo accurate for the vast majority of staking arrangements, John off to play a £500 f/o, he's prolly a losing player but has a few moves and has a win in him if he runs good, Pete just fancies a punt and gives him a 1er for 20%... However there is certain individuals/organisations that have run an extremely professional and highly profitable staking business and done very , very well. It would be like comparing a car boot sale to an asda, in theory the same thing (selling stuff to the public) but obviously it's nothing the same at all.

If you don't believe anyone has ever made +EV, consistent, huge money from well run staking operations then you are 100% wrong and if you'd like proof it's easy to provide.  

[doubleup]

ffs I don't dispute it's possible to make money from staking.  My only point is that it is unwise for tax reasons for such activities to be publicly presented as organised businesses.

[nirvana]

ffs I don't dispute it's possible to make money from staking.  My only point is that it is unwise for tax reasons for such activities to be publicly presented as organised businesses.

So what are you saying

[doubleup]

ffs I don't dispute it's possible to make money from staking.  My only point is that it is unwise for tax reasons for such activities to be publicly presented as organised businesses.

So what are you saying

I'm saying that hmrc take enough out of the poker economy via betting duty.  So telling them that you are running a business and thus inviting them to tax you as such, when in reality you are just a group having an informed gamble, seems to be risky from the POV of the poker economy potentially being taxed even more.

 

[luther101]

Just to add to the much gnashing of teeth     .....

Luton GUKPT Main result

1 Haxhiaj, Driton £61,520.00
2 Byrne, Paul £52,000.00
3 Vinson, Benjamin £28,080.00
4 Kennedy, Brett £18,240.00
5 Rubiogamito, Jose £12,480.00
6 Boyle, Derek £9,360.00
7 Vanwalsemvasnunes, Paul £7,440.00
8 Kimber, Jeffrey £6,000.00
9 Phillips, Janice £5,040.00

20 Xie, Renee £2,400.00

Cue, numerous heart murmurs    .....

[Simon Galloway]

Stick this one in the Best of Blonde.  A short-ish thread where you can look back in years to come on the most concentrated batch of personal-worst posts from well known and otherwise respected members.

[SuuPRlim]

I think there is a huge misconception that the government just doesn't realise the "goldmine" of taxation they are missing in gambling.

I cant imagine some savvy HMRC guy is going to be scrolling blonde oe day and finally realise all the tax they are missing out on.

[nirvana]

Stick this one in the Best of Blonde.  A short-ish thread where you can look back in years to come on the most concentrated batch of personal-worst posts from well known and otherwise respected members.

QFT

[DungBeetle]

poker is not a skill game lol

i sit in william hill and charge people $20/hour for tips on the horse races coming up, showing them data etc - i pay tax on that

i sit in william hill and only choose bald people to give $100 for the next race that i will ask for 50% of the profits to - i don't pay tax on that

if i lived in finland, then it would be different, gambling winnings are taxable and i would have to pay in both scenarios.

if BRS is a registered company in the UK (website doesn't say, no company number given) , employing staff and being promoted as a business, its liable for tax isn't it?

And employers national insurance.  And it has to file accounts. Would probably also fall under one of the regulatory regimes as well if it is providing financing.  I'm guessing keeping it unincorporated as Doubleup says might be wisest!