#UKtax #sportsbetting #HMRC #taxadvice
Hey everyone! 👋 I’ve got a question about sports betting winnings and taxes in the UK. I recently won £1,000 on a bet for the Euros and now I’m wondering if I have to pay taxes on my winnings. Here’s what I’ve heard so far:
– Gambling winnings aren’t usually taxed in the UK
– But I want to make sure I’m doing everything correctly with HMRC
– Do I need to report my winnings to HMRC?
– Are there any specific rules or exceptions I should know about?
Any advice or insights would be greatly appreciated! I want to make sure I’m handling my lucky bet the right way to avoid any trouble. Thanks for your help! 💷🎯
Not taxable at all.
You’re not missing anything, no gambling or competition winnings are taxable in the UK at all.
The tax is paid up front. Not out of the winnings. So HMRC gets paid even when you lose…