Hi, there are many players going to the UK in order to pay less taxes. I'm one of them and I asked my friends but they had no answer to this question so I'd like the answer from the English community.
What should I do in order to pay my taxes here?
Thanks!
Hey infinito
A university friend of mine played mid-stakes NLHE as his main source of income for years and never paid a penny in tax, however he was technically a student (doing an undergrad degree then a phd) so didn't need to declare any source of income.
Generally 'gambling winnings' are not taxed in the UK but I think if you are not in school and use poker as your main source of income you *may* need to pay taxes.
Try this article: http://www.thehendonmob.com/articles/poker_and_the_taxman.html
Actually would be interested to hear other views on this...
Yeah, I know it's 0% I just ask about how to register myself 4 make my income legal.
If I don't register would really some1 care about the income if it's not extremely high?
Thanks!
Hey,
http://www.hmrc.gov.uk/manuals/bimmanual/bim22017.htm
from HMRC website
UK refuse to recognise "professional gambler" as a legitimate trade. As such you do not need to pay tax. If poker is your sole source of income you are technically classed as unemployed.
Originally posted by w34z3l
Hey,http://www.hmrc.gov.uk/manuals/bimmanual/bim22017.htm
from HMRC website
UK refuse to recognise "professional gambler" as a legitimate trade. As such you do not need to pay tax. If poker is your sole source of income you are technically classed as unemployed.
So I should go somewhere and say that i'm unemployed and my incomes are from gambling.
Or I should just do that If some day some1 asks me about where does the money come from?
Thanks!
Originally posted by HollyMichelle
Will move this topic to Small talk
Thanks to all for assisting here.
Is it small talk? I think this afects the whole community becouse a big part of the english players are not declaring aparently. I've asked some professionals and they say that they dont know any1 who has solved this issue completely.
If that's true I think that pokerstrategy should solve it for the good o the whole community.
Cheers!
Hmm, they told me that if I have UK residence I just need 2 cashout directly from my Poker account to the bank account. As simple as that.
If you have something more to add you are welcome.
Thanks!
Originally posted by Infinito46
So I should go somewhere and say that i'm unemployed and my incomes are from gambling.
Or I should just do that If some day some1 asks me about where does the money come from?
If someone from HMRC asks you I would just say your income is from "gambling" and therefore exempt from paying tax. From their standpoint you are unemployed, but not explaining large sums of money going into your bank account could be considered dishonest.
It is slightly different for me because I am registered as self-employed. I do not pay tax on winnings, but I do pay tax on any coaching related activities.
If non-tax people ask what you do, say you are a self employed trader (less social stigma). As for the HMRC people it seems +EV if they think you are just a lucky gambler.
Ok I have a question.
What if you are a resident of some other country, say India, have a bank account in UK, dont live in UK but get your money into the UK account from your poker room or ewallet.
Does one still need to pay tax in UK when that money reaches the bank account?
Originally posted by maheepsangari
Ok I have a question.What if you are a resident of some other country, say India, have a bank account in UK, dont live in UK but get your money into the UK account from your poker room or ewallet.
Does one still need to pay tax in UK when that money reaches the bank account?
Google? No idea as an Irish citizen 
Originally posted by maheepsangari
Ok I have a question.What if you are a resident of some other country, say India, have a bank account in UK, dont live in UK but get your money into the UK account from your poker room or ewallet.
Does one still need to pay tax in UK when that money reaches the bank account?
Everything depends on what "some other" country you mean.
As a Canadian resident, I am taxed on all my worldwide income, no matter in which country it is earned.
For USA citizens, they must file a tax return in the US no matter where they live.
For India, you would need to contact a tax lawyer for that country to find out all the rules.
Best of luck,
--VS
tell them you are a private student studying maths and probabilities inline with investment
( in other words what are the odds of me winning that 30 buck pot with the pile of junk ive just been dealt )
on a serious note just write to the local tax office of the area you live in and ask them to clarify the current situation with regards to tax on gambling earnings
