TRADING AND the new MTD

[Alpha322]

Betfair Sports Trading is a enhancement to my Daytime Career earnings.
Am a 40% Tax payer, and this latest kind of clampdown https://youtu.be/mPdidNGiDRw?si=3gxZXO6ZrjN8K-_X
may hit all the profitable Traders on this forum. Where do we stand as sports market traders, i see it as gambling which there are no tax levy on Gambling on sports markets. Rachel Reeves got most of us holding our breaths for the 26th November, but i heard she has now scrapped raising income tax which spells a sigh of relief. I have worked and invested in BA to become like Peter , nah more to get back the Tax that is taken from my daytime and a bit more only to see this video on HMRC who want everything. I also ran Latin dance which i packed in several years ago because this UK want everything, fair enough take from my PAYE but leave my side line alone. It makes one want to leave this country, who cant sort out the big corporations from your average joe trying to just make a living. I believe what this narrator says, everyone would just stop being self employed and go back to PAYE, i will retire

[jamesedwards]

Betfair Sports Trading is a enhancement to my Daytime Career earnings.
Am a 40% Tax payer, and this latest kind of clampdown https://youtu.be/mPdidNGiDRw?si=3gxZXO6ZrjN8K-_X
may hit all the profitable Traders on this forum. Where do we stand as sports market traders, i see it as gambling which there are no tax levy on Gambling on sports markets. Rachel Reeves got most of us holding our breaths for the 26th November, but i heard she has now scrapped raising income tax which spells a sigh of relief. I have worked and invested in BA to become like Peter , nah more to get back the Tax that is taken from my daytime and a bit more only to see this video on HMRC who want everything. I also ran Latin dance which i packed in several years ago because this UK want everything, fair enough take from my PAYE but leave my side line alone. It makes one want to leave this country, who cant sort out the big corporations from your average joe trying to just make a living. I believe what this narrator says, everyone would just stop being self employed and go back to PAYE, i will retire

Gambling is exempt from taxes for the UK punter. For that to change you would need legislative changes which would take years. It is unlikely to be pursued because gambling overall is a net spend for the British public rather than a net income. For this reason the government taxes winning gambling organisations rather than the losing punters.

It's not the same as earned income from non-exempt side hustles which is subject to income tax when above a certain threshold.

[wearthefoxhat]

Reckon in the years to come, the UK will look closely at the U.S tax model.

U.S Tax.png

As the HMRC develop/fine tune their I.T/A.I. systems, all aspects of income and outgoings will be monitored to an Nth degree. Self assessment will only be part of the changes. Already, the State Pension is under pressure and is likely to be phased out and the onus put on the individual and their employer, to pay into a future pension scheme.

Gambling could easily be swept up into the mix too. The affordability checks are already starting to impact deposits/withdrawals, which can be picked up by HMRC systems as of now. If the self assessment was in place and someone declared heavy gambling losses to offset other income, there will likely be allowance limits put in place to avoid fraud. Even pressure put on the bookmaker licence for allowing said losses.

The video mentioned crypto, that'll be a doozy. Don't forget the HMRC can back-date claims against anyone they think has previously profited and not declared. That includes any crypto used on black market sites and poker games...etc.

There's also a law going through whereby the HMRC/DWP can take money from your bank account, at any time, for any reason. Can see that being a shit show when that actually happens.