- This topic has 21 replies, 10 voices, and was last updated 15 years, 9 months ago by
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Hi Guys,
New to this forum, but I’m looking for some advice please.
I make a modest annual profit from just a couple of bets a month from a few lesser known stable contacts, however it has become extremely difficult for me to get a bet of any real size on anymore.
I am shortly going to be asking a bunch of close friends to put bets on for me either online, or on the high-street; however I wonder if anyone knows if there would be any tax implications for this?
Currently there is no need to worry about tax, as my winnings are tax free, however if friends are betting for me with an online bookmaker, even though it would be with my money, they’d still have to send me the winnings via bank transfer or something similar, so it could look like "taxable income" by the tax man.
I don’t want to receive cash in hand, as once I have enough friends in place; I’d hope that the amounts involved would be too high for me to feel comfortable stashing in the attic so to speak.
I also don’t want to do anything illegitimate like poker game chip dumping etc, I just want to know if anyone has any suggestions, or a legal way around the tax implications?
I’m not after anything other than advice, so genuine replies only please.
Thanks.
Once your money’s down for the next heist, PM me the details and I’ll return the favour with some kosher tax fiddling info. You know it makes sense.
Where are your scruples, Sean00? Do you really think that the good and honest people on here would even consider such nefarious activity as you are attempting? These same people who day in and day out are forced to work long and dangerous hours down the coal pits or brushing our streets simply to be able to put a loaf of bread on their tables.
It’s people like you who threaten to force the Government to remove free milk from our schools. Yet, here you are looking for ways to avoid paying your due tax liabilities in order to be able to swan around your country estate in a Rolls Royce. Have you no conscience Sean00?
I’m aware of several members on here for whom life is a struggle. Take Nathan Hughes for example. He is a fine figure of a man, always polite and charming and yet I know for a fact he has holes in his shoes and rarely can afford to have a day off work. Why is that, you may well ask? It’s because Nathan prefers to pay his way in society, Sean00. Not for him tax dodging or similar roguish schemes. Just pure and honest toil and paying his taxes like everyone else. And so should you, Sean00.
Please don’t take offence Sean00 but in my eyes you are a very wicked man and deserve everything you’ve got coming to you. The saddest part of all this is that you are even considering roping your friends into this questionable activity. Have you no pride, Sean00?
I hope that this chastisement makes you see sense and you find some peace of mind.
Ken
I’m not sure if you can prove it was your money that you’re liable for any taxes under these circumstances, unlike your agents who if taking a commission or profiting directly from side bets may be.
If your serious about this you should be paying a Tax Advisor a few hundred quid to sort it out for you and not asking for advice on a forum.
Best of luck whatever you do.
Hi Guys,
New to this forum, but I’m looking for some advice please.
I make a modest annual profit from just a couple of bets a month from a few lesser known stable contacts, however it has become extremely difficult for me to get a bet of any real size on anymore.
Try Betfair I’m sure you’ll get on !!
I’m aware of several members on here for whom life is a struggle. Take Nathan Hughes for example. He is a fine figure of a man, always polite and charming and yet I know for a fact he has holes in his shoes and rarely can afford to have a day off work. Why is that, you may well ask? It’s because Nathan prefers to pay his way in society, Sean00. Not for him tax dodging or similar roguish schemes. Just pure and honest toil and paying his taxes like everyone else. And so should you, Sean00.
Only the other day I was sat in the high street, looking like Oliver Twist eating scraps from the bin with my friends the pigeons. It had been a good morning and passers by were very generous dropping coins into my worn out cap. Then from nowhere a shiny rolls Royce pulls up alongside the gutter I call home and out comes a man dressed in a suit I cant be sure but I reckon it was Sean00 and with a quick move of his hands he bends down puts a penny into my hat but the tax dodger crafty without me seeing takes my only pound.
Gaelic Warrior Gold Cup Winner 2026
Anyone smart enough to make money gambling is smart enough to know there are no tax implications.I hate liars.
I have nothing useful to say on the topic (like most others on this thread).
However, I do remember robert99 writing on this. He said…
That would be OK for you as long as you don’t tip your friend any cash when you win, or give some cash for his troubles every week etc. He would then have to declare that payment for taxation if he was honest.
Anyone employing "putters-on" would have to pay tax himself (as operating a business) as well as the "putters-on
".
Have Veitch or Findlay paid tax on income returned from their beards? If you employ a beard simply because you are stake limited somewhere, that act makes you now a business?
- Total Posts 17716
Hi Guys,
New to this forum, but I’m looking for some advice please.
I make a modest annual profit from just a couple of bets a month from a few lesser known stable contacts, however it has become extremely difficult for me to get a bet of any real size on anymore.
I am shortly going to be asking a bunch of close friends to put bets on for me either online, or on the high-street; however I wonder if anyone knows if there would be any tax implications for this?
Currently there is no need to worry about tax, as my winnings are tax free, however if friends are betting for me with an online bookmaker, even though it would be with my money, they’d still have to send me the winnings via bank transfer or something similar, so it could look like "taxable income" by the tax man.
I don’t want to receive cash in hand, as once I have enough friends in place; I’d hope that the amounts involved would be too high for me to feel comfortable stashing in the attic so to speak.
I also don’t want to do anything illegitimate like poker game chip dumping etc, I just want to know if anyone has any suggestions, or a legal way around the tax implications?
I’m not after anything other than advice, so genuine replies only please.
Thanks.
You make modest profits but can’t get big bets on…..must all be 1/5 shots or lots are losing or your profit wouldn’t be modest would it?
Tell the Taxman if you don’t pay him God will
- Total Posts 17716
I have nothing useful to say on the topic (like most others on this thread).
However, I do remember robert99 writing on this. He said…
That would be OK for you as long as you don’t tip your friend any cash when you win, or give some cash for his troubles every week etc. He would then have to declare that payment for taxation if he was honest.
Anyone employing "putters-on" would have to pay tax himself (as operating a business) as well as the "putters-on
".
Have Veitch or Findlay paid tax on income returned from their beards? If you employ a beard simply because you are stake limited somewhere, that act makes you now a business?
It’s always been that way or we could all team up and say everything came from gambling…….the taxman can be stupid but he’s not daft.
This guy wants to start puting big bets on then he can afford to go to the course. If his info is top drawer he will soon find someone who can put plenty on without him using puters-on (dogs) who are the quickest way to disaster when going for a touch…..Course bookies and not dogs are a mans best friend.
Nigerian prince seeks help to get funds out of country.This thread is roughly heading in that direction -I would like to see it deleted.
Thanks to those who have at least given a half serious reply.
Fist – I couldn’t bet on course because one of the main parts of making a profit from the types of bet I place is getting early morning value, so they have to be placed at about 10-10:30AM with a bookmaker, as they pretty much all get backed in quite heavily before the off, so I couldn’t afford to wait until 30 minutes before each race, which is all you can do on course unfortunately.
I also can’t place the bets on Betfair as the liquidity simply isn’t there for the horses I bet on.
Most of them are double figure odds, and there’s only a couple a month.
It does seem that if I want to get my friends involved to increase my stakes, that I’d have to register a business which is a shame, as if British bookmakers weren’t so scared of taking a decent bet in the morning I wouldn’t need to do it.
Ah well, i’ll leave the thread open incase anyone else has any more valuable input, but if not I’ll have to speak to a tax advisor.
Cheers.
I also can’t place the bets on Betfair as the liquidity simply isn’t there for the horses I bet on.
If they are double figures then on betfair they will be higher
I presume he wants more than £15 on, in which case at 10-10:30am he won’t be able to get on at the prices available on Betfair.
Irish Stamp – Correct. Plus if a stake of over £50 goes up over double figure odds at that time, every bookmaker automatically cuts their odds, as the art of "bookmaking" has dissapeared over the last 5 years or so.
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