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.