HMRC, Universal credit vs savings vs matched betting
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Hi.
I have multiple gambling accounts for matched betting. I would like to apply for Universal Credit. For me, founds what I have on my gambling accounts are only to make some additional profit to survive. Do you have any idea if HMRC has access to check my gambling accounts? Do they count money on gambling accounts as savings?Thanks in advance.
+0January 20, 2019 at 12:31 pm
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No, they can’t see gambling accounts.
When you apply they will ask for a bank account to pay the credit into; as long as the account you show them isn’t the gambling one, they don’t know.
I signed on for a brief time, 2 years ago, despite earning a significant amount from this, they didn’t know anything about it.
They will know if you’re working as your national insurance number will have activity, but betting is tax free and they don’t see what’s happening on your bank account or gambling accounts.
I wouldn’t worry about it, go and sign on, you’ll have to deal with some jumped up twerp every week or so to tell them how your job hunting is going, hopefully you won’t need it for too long.
Good luck.
+0First of all thank you very much for your reply!!
I meantime a read that because of anti-laundering Act HMRC and DWP have access to gambling accounts. Is it correct?+0I believe that means a credit check, nearly everytime you open a new gambling account they check your credit file, likewise when you apply for a loan, rent a house or even a phone contract.
The main purpose of this is to check you’re actually in the country, living in the address you say you are, so if you’re on the electoral roll then this won’t be an issue, seeing your credit file isn’t the same as seeing your gambling accounts.
At most they will be able to see who has performed checks on you in the past, so they may see Bet365 or Betfair in there but there is no crime in having a betting account or a hundred accounts, it’s your business, money you make from bookies is tax free regardless.
Also you’re allowed £6000 before your universal credit is affected and even then it’s reduced by a small amount, minus £4 for every £250 over £6000, the upper limit I believe is £16000 but I’d maybe argue if you have £16000 in savings you don’t actually need universal credit but this is not my business.
Just go and apply for it, what’s the worst that can happen?
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