Professional gambling employment status
- Thread starter robfosters
- Start date
Put down a huge deposit and have a guarantor?
You can't guarantee returns on that granted.
It is complicated but due to the way I bet, the odds on me losing my bank of £1000 on one day are around 2400/1.
I have lost it once in 4 months.
With the state that the banks are in at the moment any risk is bad. Best bet (har!) is to get a massive deposit - shouldn't be too hard with your income.
How so? Can you provide even one example of someone paying tax on spreadbetting profits? As far as I'm aware it's not happened yet despite the inland revenue being aware that some professional traders have been having their futures trades cleared as 'bets' and earning a living from it.
I was just stating what is stated everywhere if you search for it and it's what HMRC state.
Are these professional traders self-employed (well, unemployed) and only spread betting?
The way I'm thinking is that currently I earn enough to save up. However, this is a bubble that can burst. Even I realise that. Not from losing money, but from Betfair getting greedy, which is already happening to a degree. Or the government getting involved somewhere.
If I secure a property (nice little flat) now, I can let it, which I was planning to do anyway. So even if the worst happens, my mortgage is still covered with a small income on top.
Yes they're trading futures but they're being cleared as 'bets' thus tax free.
Spreadbetting is tax free regardless - at least until HMRC decides to tax someone under those circumstances. This hasn't happened yet as far as I'm aware so if you're going to state otherwise you'd require an example.
Stating what HMRC say should be good enough. I'm surprised that HMRC allow unemployed people to spread bet tax-free!
Well what they say is mixed - though they apparently have no intention at the moment to tax people it seems. So to claim that someone would be taxed would require an example given that there are (and have been for a few years) people spreadbetting for a living tax free.
Caporegime
- Joined
- 21 Jun 2006
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your earning £250 a day from actual gambling?
personally i call BS.
also even if you were, no bank in their mind would lend you money, unless you had security to back it up, ie, they would re-possess the home and also a fairly large deposit, on a high interest rate.
you would be better off telling them you were self employed and laundering the money through a registered company in your name, but then you would need to pay tax on it, which would be stupid.
therefore the only real way to do it would be buying outright, cash up front.
i do know there are an exceptional few people who have made millions from gambling, but tbh they are one in a hundred million type people, not your average punter in the bookies.
personally i call BS.
also even if you were, no bank in their mind would lend you money, unless you had security to back it up, ie, they would re-possess the home and also a fairly large deposit, on a high interest rate.
you would be better off telling them you were self employed and laundering the money through a registered company in your name, but then you would need to pay tax on it, which would be stupid.
therefore the only real way to do it would be buying outright, cash up front.
i do know there are an exceptional few people who have made millions from gambling, but tbh they are one in a hundred million type people, not your average punter in the bookies.
You seem to be one of the betfair types I was talking about earlier.
Also, I have been in a betting shop about 3 times in my life. Do you actually think I sit there in the morning looking through the Racing Post picking horses that I fancy and whacking dough on them. That's a one way ticket to skinthood.
Plus, I didn't come on here gloating. I was merely asking a question. It's not my fault if people start getting inquisitive.
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Soldato
I'd like 3 furlongs of your finest arabian stock please.
Caporegime
With the odds you claim can't you just quadrupple your stakes for a week and pray to a god. House in no time 
Caporegime
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- 21 Jun 2006
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what are you actually doing in regards to gambling then?
do you have a pile of cash and bet that a certain horse doesn't win?
need more details or else i call BS.
Yes it would.
You can get some right dodgepots who are genius at inventing ways of making the bank think you are as safe as fort knox
I don't think any of the brokers will do this anymore, times have changed now.
Naa as long as you can keep up with repayments once you have got the mortgage I don't think they will bother with you.
OP. I don't think any bank will touch you. Even as self employed I struggled a couple of years ago and only got our mortgage because of my wife's job.
Caporegime
- Joined
- 21 Jun 2006
- Posts
- 38,367
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