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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.
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.
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.
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.
