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tax on winnings

windamonwindamon
edited May 2014 in Poker Chat

do pro pker plyrs state themselves as self employed or unemployed? if they are self employed why dont they pay tax? if they are unemployed do they sighn on and scrounge off the state? or are the pros just lazy gi who dont want to work? after all they get the bennefits of the emergency services etc schooling of there kids without paying in to the system. tax em all i say!!

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Comments

  • ShaunyTShaunyT
    edited May 2014
    Poker sites pay tax on profits, therefore poker players pay tax. Pro or not
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  • unknown_usernameunknown_username
    edited May 2014
    In Response to tax on winnings:
    do pro pker plyrs state themselves as self employed or unemployed? if they are self employed why dont they pay tax? if they are unemployed do they sighn on and scrounge off the state? or are the pros just lazy gi who dont want to work? after all they get the bennefits of the emergency services etc schooling of there kids without paying in to the system. tax em all i say!!
    Posted by windamon
    Hi Windamon
    This has been discussed many times before..........

    The best way to look at it is.....there are not that many winning poker players compared to losing ones........If being a poker player was classed as "Self Employed" then all the losing players would claim back on their losses.

    Companies that run gaming sites pay taxes on profits/income etc so in a round about way it works much better for the government that way.

    I don't think there are that many full time pro poker players to worry about it to much. There also wouldnt be many of those winning players claiming benefits either imo.
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  • FCHDFCHD
    edited May 2014
    Poker winnings aren't taxable in the UK, but pro players should still be paying National Insurance.
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  • The_Don90The_Don90
    edited May 2014
    In Response to Re: tax on winnings:
    In Response to tax on winnings : Hi Windamon This has been discussed many times before.......... The best way to look at it is.....there are not that many winning poker players compared to losing ones........If being a poker player was classed as "Self Employed" then all the losing players would claim back on their losses. Companies that run gaming sites pay taxes on profits/income etc so in a round about way it works much better for the government that way. I don't think there are that many full time pro poker players to worry about it to much. There also wouldnt be many of those winning players claiming benefits either imo.
    Posted by POKERTREV
    Don't they do that in the States ? 



    As for the latter. Im a low stakes winning player whos on benefits. Wouldn't class myself as even close to a pro but it helps give an insight. Id Imagine any winning reg over NL50 would find it rather pointless to sign on for benefits. And some even at NL20 might find it pointless. 
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  • THEROCK573THEROCK573
    edited May 2014
    In Response to Re: tax on winnings:
    In Response to Re: tax on winnings : Don't they do that in the States ?  As for the latter. Im a low stakes winning player whos on benefits. Wouldn't class myself as even close to a pro but it helps give an insight. Id Imagine any winning reg over NL50 would find it rather pointless to sign on for benefits. And some even at NL20 might find it pointless. 
    Posted by The_Don90

    they might rent a flat though and get it paid for by the dole
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  • The_Don90The_Don90
    edited May 2014
    In Response to Re: tax on winnings:
    In Response to Re: tax on winnings : they might rent a flat though and get it paid for by the dole
    Posted by THEROCK573

    yeah i forgot about that when adding my comment fair point. 
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  • unknown_usernameunknown_username
    edited May 2014
    In Response to Re: tax on winnings:
    In Response to Re: tax on winnings : Don't they do that in the States ?  As for the latter. Im a low stakes winning player whos on benefits. Wouldn't class myself as even close to a pro but it helps give an insight. Id Imagine any winning reg over NL50 would find it rather pointless to sign on for benefits. And some even at NL20 might find it pointless. 
    Posted by The_Don90
    There's probably quite a big difference between a low stakes winning player (Which I would only class as a "Hobby") and a pro-player who is earning a full time living from it.

    Lets not forget we can earn  £10,000/pa before we are tax deductable in any case.

    Theres probably a lot more people out there earning a full time living on ebay and not paying any taxes or declaring their income & also claiming benefit, which should be more of a concern tbh. 
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  • THEROCK573THEROCK573
    edited May 2014
    In Response to Re: tax on winnings:
    In Response to Re: tax on winnings : yeah i forgot about that when adding my comment fair point. 
    Posted by The_Don90
    i dont agree with it though by the way, i think its poor form
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  • ACEGOONERACEGOONER
    edited May 2014
    Poker is classed as gambling rather than a trade so all this talk about 10k being tax free etc etc is irrelevant. 

    With regards to benefits if you are a low stakes poker player, and have assets that total less than 16k then you have every right to claim benefits. If you are a high stakes reg and still signing on, you will be caught when you bowl up to the job centre in a top of the range merc!

    National Insurance like Income Tax does not apply to full time poker players as it is only levied on employees, the self employed or employers. Poker pros/amateurs do not fall into any of these categories. 

    I do lol at how often this comes up, perhaps there should be a sticky somewhere in the forum.
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  • unknown_usernameunknown_username
    edited May 2014
    In Response to Re: tax on winnings:
    Poker is classed as gambling rather than a trade so all this talk about 10k being tax free etc etc is irrelevant.  With regards to benefits if you are a low stakes poker player, and have assets that total less than 16k then you have every right to claim benefits. If you are a high stakes reg and still signing on, you will be caught when you bowl up to the job centre in a top of the range merc! National Insurance like Income Tax does not apply to full time poker players as it is only levied on employees, the self employed or employers. Poker pros/amateurs do not fall into any of these categories.  I do lol at how often this comes up, perhaps there should be a sticky somewhere in the forum.
    Posted by ACEGOONER
    Whilst we are on the subject of income taxes....................

    Do you know that companies can employ 2 part time workers @10k pa & cover the same hours as 1 full time worker @20k pa and not pay anything in employment taxes and neither do the employees

    2 part time workers......
    one of them works 8am til 12pm - the other works 12pm till 4pm
    worker 1 is paid 10K per year
    worker 2 is paid 10K per year
    Neither of them will have to pay Tax on earnings nor will the company that employs them, however......

    1 x full time worker, works 8am till 4pm earning 20K/pa and has to pay tax on earnings up and above his 10K and the company that employs them also pay tax on their earnings too.

    Large Companies employing 2 part time workers as opposed to 1 full time worker benefit from this loophole and are saving a fortune. Its no wonder there arn't too that many Full Time jobs out there.


    Its also more beneficial for a "Couple" to have one part time job each and pay NO Tax as opposed to one of them working full time and paying tax on their single earnings , whilst the other one stays at home.

    Its a crazy world we live in - you just gotta try and find an edge :) (T&Cs apply:)
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  • ff55hhff55hh
    edited May 2014
    Don't believe everything you read in the Daily Fail boys!!
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  • The_Don90The_Don90
    edited May 2014
    In Response to Re: tax on winnings:
    In Response to Re: tax on winnings : i dont agree with it though by the way, i think its poor form
    Posted by THEROCK573
    Yeah 100% agree. 

    I know some pros might have to sign on tho. I know of one pro who spoke to me recently saying he was going to have to sign back on. He had unforseen circumstances which decimated his roll though so is probably an isolated case which justifies it. 
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  • ACEGOONERACEGOONER
    edited May 2014
    In Response to Re: tax on winnings:
    In Response to Re: tax on winnings : Yeah 100% agree.  I know some pros might have to sign on tho. I know of one pro who spoke to me recently saying he was going to have to sign back on. He had unforseen circumstances which decimated his roll though so is probably an isolated case which justifies it. 
    Posted by The_Don90
    Yes and the pro would have to declare that they are actively seeking work which if they are playing poker full time cannot be the truth. Benefits wernt meant to be a hedge against going on a downswing !
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  • unknown_usernameunknown_username
    edited May 2014
    In Response to Re: tax on winnings:
    Poker sites pay tax on profits, therefore poker players pay tax. Pro or not
    Posted by ShaunyT
    Do they?
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  • ACEGOONERACEGOONER
    edited May 2014
    In Response to Re: tax on winnings:
    In Response to Re: tax on winnings : Whilst we are on the subject of income taxes.................... Do you know that companies can employ 2 part time workers @10k pa & cover the same hours as 1 full time worker @20k pa and not pay anything in employment taxes and neither do the employees 2 part time workers...... one of them works 8am til 12pm - the other works 12pm till 4pm worker 1 is paid 10K per year worker 2 is paid 10K per year Neither of them will have to pay Tax on earnings nor will the company that employs them, however...... 1 x full time worker, works 8am till 4pm earning 20K/pa and has to pay tax on earnings up and above his 10K and the company that employs them also pay tax on their earnings too. Large Companies employing 2 part time workers as opposed to 1 full time worker benefit from this loophole and are saving a fortune. Its no wonder there arn't too that many Full Time jobs out there. Its also more beneficial for a "Couple" to have one part time job each and pay NO Tax as opposed to one of them working full time and paying tax on their single earnings , whilst the other one stays at home. Its a crazy world we live in - you just gotta try and find an edge :) (T&Cs apply:)
    Posted by POKERTREV
    Your understanding of the UK tax system is not quite right. Thresholds for tax and NI are different for employers / employees and highly complex. They are about as exciting to explain as tikay talking about concrete, so I think I will refrain from replying in full!
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  • The_Don90The_Don90
    edited May 2014
    In Response to Re: tax on winnings:
    In Response to Re: tax on winnings : Yes and the pro would have to declare that they are actively seeking work which if they are playing poker full time cannot be the truth. Benefits wernt meant to be a hedge against going on a downswing !
    Posted by ACEGOONER
    I wuld be 100% against it if that was the case. I know this pro and class him as a friend and know hes had real life issues. Part of which has made it impossible for him to play, thus he hasn't yet but has said he is considering signing on to assist with getting back onto his feet.
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  • Tikay10Tikay10
    edited May 2014
    In Response to Re: tax on winnings:
    In Response to Re: tax on winnings : Your understanding of the UK tax system is not quite right. Thresholds for tax and NI are different for employers / employees and highly complex. They are about as exciting to explain as tikay talking about concrete, so I think I will refrain from replying in full!
    Posted by ACEGOONER
    Oi!

    Steady on gooner, steady on........
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