Associate
This is only a general wondering,
I know that winnings on bets and the lottery are not subject to any tax being taken off them but there must be professional gamblers out there who don't need to work and can happily make £400 and over a week on football or horse racing etc. Since this is now their 'job' and is their only form of income do they have to notify HMRC and become self employed etc and pay income tax based on last year's 'earnings' ??
I know that winnings on bets and the lottery are not subject to any tax being taken off them but there must be professional gamblers out there who don't need to work and can happily make £400 and over a week on football or horse racing etc. Since this is now their 'job' and is their only form of income do they have to notify HMRC and become self employed etc and pay income tax based on last year's 'earnings' ??