- This topic has 21 replies, 10 voices, and was last updated 15 years, 9 months ago by
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It is mainly handicaps yes, however the occasion they’re non-handicaps I just wait until 11:30ish anyway until most bookies are priced up.
That doesn’t change anything though because I still can’t get much of a bet on (Betfair due to liquidity and Bookmakers due to restrictions), so I am going to need to give my friends money to place the bets for me – I still need to find out how I can receive the money back from them without having to pay tax though… that’s the main issue…
Another point may be if anyone knows, what would be the best ways for my friends to create online accounts that don’t get noticed too quickly? There’s the obvious, get them to open up and place 3-5 small accumulator bets so it looks like a mug account, but it’ll only take 5 or so larger real bets before a decent amount has been won from them. They’re a total pain in the backside to be honest – won’t lay anything. Even just 10 years ago, most reputable ‘high-street’ bookmakers would set their prices and hold them, even while taking £10,000+ bets regularly. These days if someone places £1,000 they get scared and chop their prices.
- Total Posts 17716
The phrase ‘even just ten years ago’ would suggest that you have a knowledge of the betting industry that extends back to the nineties at the very least, Sean. With that in mind, are we to believe that someone in your position, who’s supposedly betting so consistently that they can’t get a bet on anywhere, doesn’t know how to go about spreading their money?
A five-minute telephone call to HMRC would have answered your question, or a post on an accountancy or tax forum. Why here?
You’re either on a wind-up or there are going to be some carefully distributed ‘pay me a fortune for inside information’ PMs in the very near future.
Armchair Jockey/Luke
Thanks for your comments, but rest assured I will not be spamming or offering tips in the slightest – the information will only be shared with my close friends and family who I will be getting to put bets on for me.
I’ve already spoken with Inland Revenue and they seemed a bit clueless about it to be honest, but the one thing each person I spoke to all agreed on is that I would have to pay tax if i was receiving money into my bank account from my ‘betting agents’.
I have no problem spreading the money, as in I can get the money to them and already have a co-ordinated plan for which betting shops (or online accounts) to use and what time to place the bets, plus several other variables, however the only thing I came here to find out hasn’t been answered, so I’ll be seeking advice from a tax advisor. The only reason I came here was because I hoped someone else was either putting bets on for someone else or was an investor themselves (not everyone on here must lose) and could advice me free of charge. I’m sorry if you feel that my post wasn’t welcome, so i’ll seek paid advice now.
- Total Posts 17716
I used to work as an accountant, Sean, and so have had more dealings with HMRC than I care to mention. It’s true to say that they’re not the most efficient organisation in the world – they’re hopeless, in fact – but I haven’t asked a question that someone hasn’t managed to come up with an answer for.
It’s little things like that that make your ‘situation’ difficult to believe.
To answer your original query, you need only worry if at any point it becomes clear that a service is being provided. However, if you present yourselves as a syndicate, that is the proceeds of any winning bets are divided amongst those involved on a pre-arranged basis – could be 50-50, 60-40 or 99-1 – then no-one will have any tax obligations whatsoever.
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