Author Topic: What is a 'Poker Pro'?  (Read 14804 times)

0 Members and 2 Guests are viewing this topic.

AMRN

  • Staker Licensed Player
  • Platinum Member
  • *****
  • Posts: 5261
Re: What is a 'Poker Pro'?
« Reply #30 on: January 02, 2008, 11:16:50 AM »

If you are a self employed poker professional, then you will be taxed on any profits you make.


...but there is no requirement to declare winnings made from playing poker.  yes you would have to declare profits made from associated activities, ie tuition, authoring, etc, and therefore these would be exposed to taxation, but as the winnings from playing do not need to be declared, they would remain exempt.

HaworthBantam

  • Global Moderator
  • Platinum Member
  • *****
  • Posts: 3177
Re: What is a 'Poker Pro'?
« Reply #31 on: January 02, 2008, 11:17:07 AM »
As someone who works for HMRC, not within the tax side, I hasten to add, I was quite interested in this question of whether earnings as a professional poker player are taxable within the UK.

I"ve made a few enquiries and it would seem that Daniel is correct, winnings are not taxable.

I also found this forum http://www.taxationweb.co.uk/forum/discuss.php?id=1201 where an accountant confirms the position.

Also of interest - http://www.thehendonmob.com/Articles/poker%20and%20the%20taxman.htm

Ian
« Last Edit: January 02, 2008, 12:04:41 PM by HaworthBantam »

kinboshi

  • Platinum Member
  • ******
  • Posts: 3615
Re: What is a 'Poker Pro'?
« Reply #32 on: January 02, 2008, 12:19:25 PM »
If winnings were taxable, losses would be deductible as well.  How do you show losses?  You win a million, and then you could turn round and say you lost it all in a cash game.  How do they do this in the States where it is taxable?

I have friends (OK, people I know) who a professional gamblers (betting on horses mostly), and again, there"s no tax to pay.

The government gets their slice from the bookies and poker rooms.  But obviously that"s difficult if the poker rooms aren"t based in the UK.  With some recent legislation that I read about regarding the awarding of seats in events that are outside the UK (or the EU, I can"t quite remember) being prohibited surely that"s going to make the UK a less welcoming place to base a poker room - and they"ll stick to Gibraltar and the like.
"Running hurts up to a point and then it doesn't get any worse."  Ann Trason

AMRN

  • Staker Licensed Player
  • Platinum Member
  • *****
  • Posts: 5261
Re: What is a 'Poker Pro'?
« Reply #33 on: January 02, 2008, 12:44:01 PM »
As someone who works for HMRC


.....but you seemed like such a nice chap :)

kinboshi

  • Platinum Member
  • ******
  • Posts: 3615
Re: What is a 'Poker Pro'?
« Reply #34 on: January 02, 2008, 12:45:04 PM »

As someone who works for HMRC


.....but you seemed like such a nice chap :)


Post of the Year.
"Running hurts up to a point and then it doesn't get any worse."  Ann Trason

deanp27

  • Platinum Member
  • ******
  • Posts: 1459
Re: What is a 'Poker Pro'?
« Reply #35 on: January 02, 2008, 12:57:39 PM »
poker winnings are currently not taxable in the UK - trust me.

Associated income from poker such as poker publications etc would be taxed as a trade etc.

Looking forward to making my first day 2

GiMac

  • Staker Licensed Player
  • Gold Member
  • *****
  • Posts: 916
Re: What is a 'Poker Pro'?
« Reply #36 on: January 02, 2008, 13:05:29 PM »
I think you may be right to a point on actual winnings, but then we all know that professional poker players don"t make their sole income from just tournament or cash game winnings. There are many other variables that could be construed as taxable income, such as rakeback, sponsorship, appearance monies, referral commissions, bonus payments, expenses payments etc etc. These payments are made for services rendered and could well be taxable.   :o

Also HMRC can require an individual to keep records and report any "non-taxable winnings income", so as to comply with money laundering regulations (i.e. to prove you aint some sort of crack dealer).

It is important to note that it is not carte blanche exemption from tax, but is very much decided on each individuals circumstances.

deanp27

  • Platinum Member
  • ******
  • Posts: 1459
Re: What is a 'Poker Pro'?
« Reply #37 on: January 02, 2008, 13:10:02 PM »
yes i would always advise that good records are kept (especially where cash is involved) for money laundering regulations purposes and also the fact that there may be some mixed income.

Good point
Looking forward to making my first day 2

HaworthBantam

  • Global Moderator
  • Platinum Member
  • *****
  • Posts: 3177
Re: What is a 'Poker Pro'?
« Reply #38 on: January 02, 2008, 13:42:25 PM »


As someone who works for HMRC


.....but you seemed like such a nice chap :)


Post of the Year.


But I am a nice chap !!

I can even provide 5 sworn statements from 5 separate people to back up that claim......please.......give me a chance.......  ;)

GiMac

  • Staker Licensed Player
  • Gold Member
  • *****
  • Posts: 916
Re: What is a 'Poker Pro'?
« Reply #39 on: January 02, 2008, 13:57:04 PM »



As someone who works for HMRC


.....but you seemed like such a nice chap :)


Post of the Year.


But I am a nice chap !!

I can even provide 5 sworn statements from 5 separate people to back up that claim......please.......give me a chance.......  ;)


Burn him!!!! :rubshandswithglee:

SirPercival

  • Staker Licensed Player
  • Platinum Member
  • *****
  • Posts: 3700
Re: What is a 'Poker Pro'?
« Reply #40 on: January 02, 2008, 22:09:57 PM »


...I have friends....


Funniest post of the year  ;D

kinboshi

  • Platinum Member
  • ******
  • Posts: 3615
Re: What is a 'Poker Pro'?
« Reply #41 on: January 02, 2008, 22:12:31 PM »
"Running hurts up to a point and then it doesn't get any worse."  Ann Trason

SirPercival

  • Staker Licensed Player
  • Platinum Member
  • *****
  • Posts: 3700
Re: What is a 'Poker Pro'?
« Reply #42 on: January 02, 2008, 22:14:52 PM »



As someone who works for HMRC


.....but you seemed like such a nice chap :)


Post of the Year.


But I am a nice chap !!

I can even provide 5 sworn statements from 5 separate people to back up that claim......please.......give me a chance.......  ;)


If you add Aunties and Uncles to parents, siblings, children then you might even make it to 7  ;D

SirPercival

  • Staker Licensed Player
  • Platinum Member
  • *****
  • Posts: 3700
Re: What is a 'Poker Pro'?
« Reply #43 on: January 02, 2008, 22:17:32 PM »

poker winnings are currently not taxable in the UK - trust me.

Associated income from poker such as poker publications etc would be taxed as a trade etc.




Of course we trust you, you are a poker player!

EMSBas

  • New Member
  • *
  • Posts: 8
Re: What is a 'Poker Pro'?
« Reply #44 on: January 03, 2008, 14:52:53 PM »
No I do not claim benefits, no I have not started my tuition sessions yet, no I do not have my income taxed, then again I think I deserve benefits for my 2 month downswing.

Just before I played WCOOP I was about to quit poker and get a job, I still have days where I think "I can"t do this", and I would like a stable income, but full time employment would kill any hope I have of becoming a "real pro", but I will be taking up part time work most likely in the near future.  Oh and whoever it was that mentioned my videos (trying to make an income as I type this and too many tables loaded) , I do not make anything from those and they are purely for educational purposes to the people I want to give something back to. 

I"m not going to be discussing my situation anymore in public and I"d prefer for others to not too until I have spoken with Des.