Poker Player - Income requirements

Poker Player - Income requirements

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Hi

I have an client who is a poker player - makes over £200k a yr 

He is trying to get a mortgage, but as it is gambling funds, unable to do so

I am wondering if anyone had an suggestions on what he could do to prove and income

I suggested a ltd company business, but he would have to pay tax on non-taxable income?  

Any suggestions?

Replies (10)

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By cheekychappy
18th Mar 2016 14:26

Are you certain there is no taxable income?

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By Practise_Accountant88
18th Mar 2016 14:39

Begs the question, what work do you do for him that requires an accountant?

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By [email protected]
18th Mar 2016 14:55

I havent done any work for him.   He has popped into offices to see if I could help .   Client just being a 'word' to refer him as .  You do not pay tax on gambling in the UK

 

 

 

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By ireallyshouldknowthisbut
18th Mar 2016 14:58

.

Ask him to bring back some sky hooks and you will help.

 

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By Lship
18th Mar 2016 15:00

Always??

Some ‘professional gamblers’ do carry on a trade, for example, where they receive appearance money for appearing on television programmes. They are providing a service to a customer (the television production company) for reward. Whether their gambling winnings are proceeds of that trade would depend upon the facts.

BIM22017

 

I'd stick to the letting, clothing or sweets....

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Portia profile image
By Portia Nina Levin
18th Mar 2016 15:01

Did he have a foreign accent?

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RLI
By lionofludesch
18th Mar 2016 15:07

Down size

With £200k a year, tax free apparently, he doesn't need a mortgage.

He just needs to be more realistic and weigh the up side of earning £200k playing poker against the down side of not being able to get a mortgage.

Not much sympathy for him, I'm afraid.

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By ireallyshouldknowthisbut
18th Mar 2016 15:54

.

As an aside, I wonder how many fraudsters / drug dealers etc claim to have won their money on the lottery/gambling etc. 

Just a thought from a ML point of view...

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RLI
By lionofludesch
18th Mar 2016 16:02

Lend

I wouldn't lend him money.

Who's to say he's going to continue being lucky ?

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By SteveHa
18th Mar 2016 16:09

Tell him to "re-invest"  his

Tell him to "re-invest"  his £200k at 5:1. He'll soon have enough money that the mortgage is irrelevant.

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