Tax Returns!!

[mimi26]

Juts doing my tax returns do you think I should put my casino deposits down as expenses

Mind numbing aint it funny how it does not bother me spending thousands in a casino but refuse to pay 200 for an accountant once a year

 

[conker]

You can if you run any sort of business that involves a casino, ie an casino affiliate business. You obviously can't put the whole lot down, but you could arguably put down a portion for 'r&d'.

Also, paying a couple hundred quid for an accountant will be the best money you have ever spent, as they can save you a lot more if you do owe large amounts of tax.

 

[mimi26]

You can if you run any sort of business that involves a casino, ie an casino affiliate business. You obviously can't put the whole lot down, but you could arguably put down a portion for 'r&d'.

Also, paying a couple hundred quid for an accountant will be the best money you have ever spent, as they can save you a lot more if you do owe large amounts of tax.

No Nothing to do with casino industry, sadly

Its not big were I have loads of expenses and the ones I can claim I am pretty clued up on, I just hate this time of year and I really should be more organised with receipts etc

 

[Dinahnana]

Juts doing my tax returns do you think I should put my casino deposits down as expenses

Mind numbing aint it funny how it does not bother me spending thousands in a casino but refuse to pay 200 for an accountant once a year

I believe you can claim your gambling loses against your winnings. For example if you had a really good year and deposited 10k and won 15k then you would pay taxes on 5k. On the flip side of this if you deposited 10k and didn't win anything you wouldn't be able to claim the deduction.

Hope this helps

 

[mimi26]

I believe you can claim your gambling loses against your winnings. For example if you had a really good year and deposited 10k and won 15k then you would pay taxes on 5k. On the flip side of this if you deposited 10k and didn't win anything you wouldn't be able to claim the deduction.

Hope this helps

I am in the UK som as far as I am aware we dont pay anything on gambling wins, but alas mine would be a loss anyway by thousands

 

[lotusch]

I believe you can claim your gambling loses against your winnings. For example if you had a really good year and deposited 10k and won 15k then you would pay taxes on 5k. On the flip side of this if you deposited 10k and didn't win anything you wouldn't be able to claim the deduction.

Hope this helps

Seriously? Must try that with my Irish Taxback for 2016 then.
Just waiting for my P60 that normally comes with the January wages.

 

[Borgie]

I believe you can claim your gambling loses against your winnings. For example if you had a really good year and deposited 10k and won 15k then you would pay taxes on 5k. On the flip side of this if you deposited 10k and didn't win anything you wouldn't be able to claim the deduction.

Hope this helps

Not in England you cant ! we pay no tax on winnings and get no deduction on losses !

 

[slotmaster]

Or better yet say nothing about gambling at all.

 

[Dinahnana]

I am in the UK som as far as I am aware we dont pay anything on gambling wins, but alas mine would be a loss anyway by thousands

Sorry I was thinking US. I really don't think you can claim your gambling loses in the UK as there is no tax on the winnings. At least that's the case for Ireland.

 

[Dinahnana]

Seriously? Must try that with my Irish Taxback for 2016 then.
Just waiting for my P60 that normally comes with the January wages.

OH the joys of the Irish Tax system. I lived in the US for many years so I was thinking about that before I answered Mimi's question not realizing she was in the UK.

 

[Dinahnana]

Or better yet say nothing about gambling at all.

And live in hope that you don't get that dreaded letter that says TAX AUDIT! The stuff of nightmares.

 

[slotmaster]

That's why you say nothing well at least here. You don't say or involve anything with gambling cause if you do you are most likely going to get investigated. Tax free on winnings here anyway.

 

[Dinahnana]

That's why you say nothing well at least here. You don't say or involve anything with gambling cause if you do you are most likely going to get investigated. Tax free on winnings here anyway.

So no worries then