Hey guys, just signed up and have some questions about multi-accounting
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Ok, i know mostly what’s involve with the set-up, still gotta work out whether to use mobile or a laptop which i’ll come to as i’d love some advice on this.
But the sticking point for me atm is the income being taxable and whether that’s something to be concerned about, or not! As most i know (been mbing since 2017) do it for a lot of friends and family and don’t seen remotely concerned about this which i’d think they would be if it was such a big issue.
So what’s the skinny on this? I understand technically it would be if my friend pays me but i’m not sure on the ideal set up, what i should keep records of, what, if anything i need to tell the hmrc etc etc.
I’m just trying to connect dots here so i’m going into it with my eyes open, i know mbers run multiple accounts and don’t seem to have any concerns other than accounts being closed or funds being confiscated so would appreciate some clarity on this to help navigate this particular issue. Need me to clarify anything then please.
Cheers!
+0June 22, 2020 at 7:06 pm
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Theres no tax on earnings from any form of ‘gambling’ in Uk or Ireland. If they did start taxing gambling earnings Id start picking up lost betting tickets from betting shop floors and saying these are my losss to offset my online ‘gambling’ profits to the taxman. Only thing is recently exchange companys have started deducting up to 20% of big earners on Sites like Betfair- but as far asI know this only kicks in to high earners on there and dosnt become applicable until your Betfair Exchange account is over $5000 in profit. So probably nothing to worrry about for a MBer chisiling away on a few multiple accounts doing sign up bonuses etc.
+1
Had to look up ‘whats the skinny’ for meaning!
+1scabbadab, i accidentally clicked on report when i meant o click reply, i couldn’t abort or cancel so hopefully a mod will see this, sorry!
I’ll reply shortly.
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Oh blimey Captain. Yeah do your best to rectify that report- Dosnt look good on the C.V!
Demotion to Private for that Sir+1
But dont worry much about it. And perhaps demotion to Private is too much of a drop- as at least you actually replied. Most random posters on here pop up from nowhere with a big question- then read the replys from other regualars/myself- and then ride off into the sunset without a word of thanks to anyone who spent a bit of time trying to assist them (a sad reflection of modern life)
3 ‘randoms’ popped up early this week with their ?s- and I replied to all of them.W as going to offer ‘odds on’ bets to some other regualars on another thread that none of the three would even reply/say cheers. So at least you tried to chip a reply in- and im glad I didnt offer the ‘no replies’ bet to ther regs!
Retain Captain rank for effort!
+1
Although would have had you down as clear favourite out of the 3 posters to make an effort to reply. Based on user name and use of phrase ‘whats the skinny’ that dosnt sound like a miserable loser type to me… unlike
BOROFAN55 (anyone supporting Middlesboro is likely to be a miserable/depressive type)
BOBBYDIVIA66 ( aside from dozy name- use of 6’s in his name suggests a bit of an evil diva type)Im always looking at odds/%’s on anything- and kind of got that right.
+1@scabbadab, from what i’ve been able to learn, in the UK my friend may be liable for tax over 1k P.A.
On the subject of me owing tax i was advised that if it was his money i would be as it’s a service like the bookies etc provide that i’m doing on his behalf and is technically a gambling syndicate? But then the winnings are still taxed…
Btw I’m asking cause i have to report my income and expenditure/profit loss each month and income is deductible so i need to have a fairly clear idea around any extra income i’ll make mbing for friends but it sounds like it’s business as usual more or less.
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Yeah as far as I know. Your post caused some brief concern- because ‘gambling’ earners have never been taxed in my lifetime in the UK. Dosnt concern me atm because all my ‘gambling’ earnings come from bookmaker shops (untracable) But would do in the future as I plan to make money on the exchanges (am sad that BETFAIR recently bought in a 20% tax for high arbitage earners on their site)
But a simple google of ‘Tax on gambling UK’ brings back the reply….
No, gambling is tax free in the UK. While players in some countries such as the USA, France, and Macau have to deal with gambling taxes between 1% and 25% …
So im not sure what you base your concerns/theories on- The money coming into your bank will clearly state what company that came from ie a ‘gambling’ company and these profits can not be taxed…And you just tell/show whoever you need to that I had a run of lucky small wins with a few gambling companies and made a few hundred (a few horse tips my uncle gave me etc whatever)
+1
Got a follow up ? and a flagging! but no cheers/thanks
100 % retired from replying to any random 1st time posters. Im offering 4/6 I dont do it again!+1Lol, will he, won’t he?😂
*insert trumpet fanfare and july 4th scale parade for scabadabb* 😆
Yeah, that’s what i was lead to believe but i found a couple of articles and posts that said it was if it’s for friends and that’s what i was trying to determine for certain.
Anyway, stars and thanks all round. I’ll have to reply tomorrow when i’m a little more coherent.
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No worries pal. Im normally involved all day with online/in shops ‘gambling’ all day long and also posting/updating some related stuff on some threads on this site- so after a long day ‘in the field’ and a few refreshing brews afterwards- im liable to post a bit a mixture of usefull stuff/ and some out there rambles also.
Also had a hunch you were from USA- would have backed that at 1.65- the 4th of July thing confirms that.
Good luck with your Matched betting- If CapnS pops up with another ‘whats the skinny’ MB related ? on here- I will come out of retirement and post a reply (although you wont qualify as a random newbie then..hmmm) So I can stay in retirement on the ‘Randoms’Just an old bug bear of mine when you try to help someone and they dont say cheers etc (9/10 newbie randoms do that on here on average)
No need to post anymore on this- unless you want to/have a query. Good luck!
+2@scabbadab cheers dude. No i’m a brit, i just love american culture.
This is the article that got me questioning the tax etc on matched betting: https://www.yesbets.co.uk/matched-betting-blog/guide-to-multi-accounting/
That puts me right off and i wanted to be fairly clear on how much risk ios involved so i can make a decision with as much information as possible.
I can across this article as well: https://matchedbettingrookies.co.uk/skills/is-multi-accounting-illegal/
And that sounds closer to the way things are from talking to others in the biz who’ve been doing it; the worst is they have accounts closed and funds confiscated. I know guys who’ve done it for 2-3 years with many accounts and cleared 300k which is what really appeals to me.
Hope you see where i’m coming from dude!
+0I would ask your friends how they are operating, mainly in regards to the details they are using and how they are cashing out money into their own bank accounts.
In the past, large multi-accounters have setup companies in order to transfer money between themselves operating under the guise of a service provider as the main issue that can arise from multi accounting is an investigation to where the money is coming from under AML regualtions.
With family members, this is likely not an issue, but if you were transferring £1000s from non-family member accounts to yours (or withdrawing and paying in cash) it is possible that the bank could freeze the accounts and launch an investigation, which could then lead to issues with HMRC.
I would be more concerned about shifting the money into your bank rather than the fraud aspect.
+1Do you use Multi accounts buddy? If so how do you get your Clients and accounts? Family?
+0Hey guys, sorry i didn’t realise there had been replies!
I did some research in the interim and i spoke to a tax rebate specialist who walked me through how to do it and remain legal and avoid tax.
Essentially he says we do it as friends, i’m providing a service under his guidance with consent. I lend him or he lends me the money, i do the offers and any profit from that that i take is classed as a service charge or interest from the loan i gave him that i used to initially start doing the offers. But it’s a personal loan and this takes care of the interest!
Which sounds like what you are talking about @Pea Dough?
@ClientsRus not sure if you’re asking me or Pea Dough but it’s a good question…+0
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