Singing Pig

Hi Mister H.

A kindred spirit - I too consider myself a professional gambler as I have no other income.
But how do you prove this income when it comes to mortgage apps etc?
I'm just not taken seriously despite making upwards of £5k/month.
Currently we are having to rely on multiples of my boyfriend's salary and I am considered a housewife!
I am inspired that you are registered with IR as such and they still don't want to try and tax you.

Thank you

bookbunny

Bunny, can't you just come in with a big lump sum on the mortgage app e.g. 40% or something? I know of a few people in a similar position to yourself and they just come up big with the deposit instead.

---

The engine's good but the bodywork's nackered ;->

Hi Bunny

I have sent you a personal message about mortgages, etc.

If you need help, then I should be able to help because I worked in the property industry for 14 years.

I am interested in your field of gambling, as it may provide some shortcuts or new ideas.

MisterH

BTLK, thank you for this suggestion.
A non status mortgage is the route we will follow in future to avoid all this.
Right now, I'll admit, one of the biggest problems is keeping my boyfriend's ego intact while
my earnings make his look pitiful, hence my not throwing a bunch of money at the mortgage
lenders that he can't match.

I'll likely train him up on this once the mortgage is agreed but for now, I can't go in with more
than half the money for the sake of his pride.

Any advice from you alpha males out there???

bunny

Who cares who earns what? At the end of the day, you are a team and the team moves together.

If my wife could run my system better than me, then I would gladly give her the reigns to the business. We are a team and we each have our jobs/tasks so we just stick to what we each do best.

Just remember that you have already beaten the system. You have an honest, legal and ethical way to make money where you are not required to pay Tax. There should never be a question of pride, you should both just grin and know that the Tax man didn't get a cut of your hard earned!

MisterH

Thank you. I do wonder sometimes.

As for making more than most and not giving to the taxman - that's always been my preferred modus operandum
since I saw the difference of working harder and harder for someone else and seeing more and more of my money
going elsewhere before it reached me, versus working as an independent contractor abroad and saving double
what my friends could make working in UK.

Appreciate your tips in the PM and appreciate your words of support even more.

Cheers.

bunny

I totally agree with Mister H re "who cares who earns what". This is where the person you're with turns into a partnership along a whole new and exciting path.

It must make the IR really sick when they see you put down for e.g.

Income (from gambling) £100k

and they can't get you for any tax? What, no tax whatsoever?????

---

The engine's good but the bodywork's nackered ;->

Income from Personal Gambling Activities is exempt from Tax in the UK. In the old days, you would have paid your Tax on your bet, or on your winnings, but I think that since that Tax was abolished, the bookies have to pay a Tax instead.

If you are running a system, a syndicate, or running your gambling as a business then it is a taxable income.

I belong to a Taxation forum, and an accountant said that if IR made you pay Tax on your winnings, then it is logical that you would be able to claim back your losses. Because the majority of people lose when they gamble, it would give Inland Revenue a large headache to deal with all the claims.

The letter that I received from IR encouraged me to pay my Stamp, which is fair enough as I wanted to make sure my health care is paid for.