Martin explains to us whether Betfair trading is tax free and how and when you might want to declare your earnings for tax, this is very important information for exchange traders to know. For more education find us here:
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Vídeo Completo
I’m earning enough money from my work, I wouldn’t declare gambling to pay them government thieves. They mug me off every year anyway.
Speaking as an accountant what you say is generally correct but any full time traders would need to consider their NI contributions (i.e. you don’t want to lose or reduce your state pension). Even if you aren’t thinking about that now it will become important to you.
Good video. I like how the cursor is subtly hovering over laying arsenal to win! Norwich fan by any chance?!
I was told some time ago that the reason they don’t tax gambling winnings is if it’s your business and you pay tax you would also, as in normal business, be able to have all your losses taken into account when doing your returns. Can you imagine how wide open that would be for abuse with Mr mug punter for example, putting through all those losses each year!!!!
If the GC introduce the £100 loss limit then the exch platform is dead in the water. Those taxes you speak of fund the MPs who are trying to spoil the party 🙄
Good stuff espec about NI contributions
Intresting concept i guess if u are full time it would be good to declare
Interesting as in the netherlands ,profit per win is tax free up to 439 euros , and 30 % tax any thing over all taxes are paid automaticly .
AS of 1st of october 2021 you wont have to pay taxes at all any more on winning. ( that is in the netherlands.)
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