Betting has been my main sourse of income for some time, but my father’s retirement does mean the tax man needs to be informed! Any advice on that
I suggest you get an accountant to sort out your tax affairs on the winding-up of your business as there’s likely to be asset disposal, liability offset and intangible ‘goodwill’ matters to consider
I’d also suggest you maintain your self-employed status by continuing to pay Class 2 National Insurance contributions as you need
35
years’ (I think) payment to qualify for the full state pension
As for gambling profit, I assume this still doesn’t need to be declared to the Revenue, though do keep all betting records in case they want proof your income is solely from gambling
I’m not sure whether the recent legal enforceability of gambling debt has altered the tax status of gambling profit; Wit will know I’m sure
Right now you need
30
years of National Insurace contributions for a full State Pension Drone, although the Government are thinking of increasing that figure. I have exactly 30 years so am ok (at the moment). If it does go up I’d need to find out whether it is worth me making voluntary contributions, or just have a reduction in my State Pension when officially retiring.
When working as a carpet fitter it was through my father’s business, so I’ve never been "self-employed". HMRC tell me unless I get paid work as a tipster or for my knowledge (what there is of it) then I do not need to become self-employed.
Any profit made by the actual betting has nothing to do with HMRC (whether backing or laying, with bookmaers or exchanges) because it is not taxable. Although it is wise to keep a rough record/proof of where the profit is made, just in case they want to check up that I am living on money gained legally (ie not criminal activity). However, this record does not need to be exact and is primarily for my benifit/peace of mind. It does not need to be submitted/declared to them.