In Response to Re: TAX DODGERS????? : Would I be right in assuming that although table winnings are not taxable your fees with 861 are? What is the situation if you stake someone, should returns be declared ? Posted by -Dino66-
Yes you are right. To work with Sky I had to register and now file a yearly tax return...last year I put it in late so I paid an extra £100 to the nations bank account
Can't see any reason why staking someone in poker would be any different to just playing yourself.
In Response to Re: TAX DODGERS????? : This, and if you are a job seeker with assets over 16k you are not entitled to means tested Job Seekers Allowance anyway. Any means tested benefits require you to show assets you have and show bank statements etc so a consistently winning poker player cant hide that they have an income and/or assets totalling more than 16k I dont get the point of the OP, but this always comes up. I know Scotty77s post was part tongue in cheek but fair play to you for thinking about your future and paying NI, even though the state pension age will be 70 by the time you get there! Poker players dont avoid paying tax and pay indirect taxes such as VAT just like the rest of us. The government is bringing in legislation to tax offshore gaming companies, so I dont think poker players have anything to worry about. Posted by ACEGOONER
Meh its a way I can contribute to the economy so happy to do it.
I fully expect there to be no state pension anyway by the time that I reach that age so plan for the future in other ways anyway, yet another thing I tell my fellow peers to think about, but I doubt they listen!
In Response to Re: TAX DODGERS????? : Meh its a way I can contribute to the economy so happy to do it. I fully expect there to be no state pension anyway by the time that I reach that age so plan for the future in other ways anyway, yet another thing I tell my fellow peers to think about, but I doubt they listen! Posted by scotty77
It will be there ryan, and would be political suicide for any party to abolish it. Just dont expect it to get you many buyins at nl200 or whatever your standard game is !
As for other players, yeah they dont really think about the future but as you get older things start to drop off and your memory goes, ask tikay!
In Response to Re: TAX DODGERS????? : I go to my local licensed casino and play cash poker. It is my understanding that gaming duty can be as high as 50pc and is based on the revenue of the casino rather than the actual profit. Lets say that I play all night and win 20 pots that attract the maximum rake of £10, so £200 of rake, of which £100 will be directly sent to the HMRC. You can also factor in things like supporting businesses in the UK and helping create/sustain jobs at online poker sites. Like anything taxation wise it is something that is very complicated and it's all interlinked. I have no idea about the benefits situation, having not claimed them. I'd imagine that most successful poker player do not claim, but of course there will be some who still do, just like any other section of society. Posted by scotty77
I never actually knew about gambling duty and I agree it does make a very fair argument.
Having looked into though (I'm an accountant so this kind stuff interests me sadly) using 50% as a basis is too much. The rate they pay is based on a sliding grades of between 15%-50%. Only above roughly 6m is taxed at 50%. Using grosvenor casinos financial reports I worked out their average casino makes about 7.5million and an average rate would be 34%.
This is above the basic rate tax of 20% so you could turn the whole thing round and say are poker players taxed too much? Lol and should poker players actually want to be taxed like the rest of population? Obviously gambling duty would have to be scraped and rake reduced to make it worthwhile.
My mention of tax credits was not to suggest poker players were leeches or anything by claiming the working tax credit benefit but to me they do work and should be entitled to claim tax credits like rest of the working population. I just didn't know how it worked because the amount of credit you can claim depends on your income and I've no idea how a poker pro could give a figure for this that the revenue would find acceptable. I'm sure this also proves difficult when it comes to applying for mortgages etc too.
In Response to Re: TAX DODGERS????? : I never actually knew about gambling duty and I agree it does make a very fair argument. Having looked into though (I'm an accountant so this kind stuff interests me sadly) using 50% as a basis is too much. The rate they pay is based on a sliding grades of between 15%-50%. Only above roughly 6m is taxed at 50%. Using grosvenor casinos financial reports I worked out their average casino makes about 7.5million and an average rate would be 34%. This is above the basic rate tax of 20% so you could turn the whole thing round and say are poker players taxed too much? Lol and should poker players actually want to be taxed like the rest of population? Obviously gambling duty would have to be scraped and rake reduced to make it worthwhile. My mention of tax credits was not to suggest poker players were leeches or anything by claiming the working tax credit benefit but to me they do work and should be entitled to claim tax credits like rest of the working population. I just didn't know how it worked because the amount of credit you can claim depends on your income and I've no idea how a poker pro could give a figure for this that the revenue would find acceptable. I'm sure this also proves difficult when it comes to applying for mortgages etc too. Posted by jdsallstar
You can only claim working tax credits if someone in your household actually pays income tax. Poker players in principle therefore cannot claim this benefit.
The same goes for mortgages, income from poker is not defineable and therefore it is almost impossible to get a new mortgage if you disclose your profession as poker pro.
In Response to Re: TAX DODGERS????? : Yes you are right. To work with Sky I had to register and now file a yearly tax return...last year I put it in late so I paid an extra £100 to the nations bank account Can't see any reason why staking someone in poker would be any different to just playing yourself. Posted by scotty77
Must be nice to have regular, well paying (I assume) gig with Sky to add to the poker earnings, which are unpredictable at the best of times.
I imagine that 'professional poker player' doesn't sit too well as a job title when you're applying for mortgages either. 'TV presenter' on the other hand..'take a seat sir, how much money would you like?'
Comments