Bitcoin gambling tax issues in the UK

[igotowned111]

Hey,

Does anyone here have any experience relating to bitcoin gambling and taxation in the UK? Have just received a letter saying that I'm being investigated for supposedly 'running an online business'. All the money being moved in and out of my bank account has been done through bitcoin gambling, no significant trading or anything of the sort but I'm not sure how I can prove all of this to HMRC as effectively all I have is my bitcoin wallet's transactions.

Anyone who can help would be greatly appreciated.

Thanks.

[Enzo 666]

Hey,

Does anyone here have any experience relating to bitcoin gambling and taxation in the UK? Have just received a letter saying that I'm being investigated for supposedly 'running an online business'. All the money being moved in and out of my bank account has been done through bitcoin gambling, no significant trading or anything of the sort but I'm not sure how I can prove all of this to HMRC as effectively all I have is my bitcoin wallet's transactions.

Anyone who can help would be greatly appreciated.

Thanks.

gambling is so risky to start your online business


upon my knowledge  yes government make taxation for gambling sites

[Don Pedro Dinero]

The UK has the best taxation for gamblers in the world: no tax for profits or bets.

http://www.onlinebetting.org.uk/betting-guides/gambling-and-betting-tax-in-the-uk.html

Many professional poker players from my country and other European ones moved to the UK after regulation. I’m not so sure as far as bitcoin is concerned, but if you profits come from gambling, even from crypto sites, I think you won’t have to pay tax.

The problem is the Revenue and Customs has seen some unusual transactions of money in your bank account and that is why they are investigating.

[veleten]

Hey,

Does anyone here have any experience relating to bitcoin gambling and taxation in the UK? Have just received a letter saying that I'm being investigated for supposedly 'running an online business'. All the money being moved in and out of my bank account has been done through bitcoin gambling, no significant trading or anything of the sort but I'm not sure how I can prove all of this to HMRC as effectively all I have is my bitcoin wallet's transactions.

Anyone who can help would be greatly appreciated.

Thanks.

you are being investigated due to suspicious activity and moving large (supposedly) sums of money in an out
have you been using online exchangers bitcoin to cash?
you must have been converting bitcoins to fiat by some means,you can provide this as proof,but the legislation in the UK doesn't recognise bitcoins
so the consequences could be real bad,terrrorism connection and all the bs that comes with this,since you cannot prove the source of the money
banks,usually,have red flags if there is a sum over a certain threshold that comes to your account and they start to trace the money
if they cannot...well,you can be in trouble
I suggest you read the laws in regards of online income,cryptocurrencies and online businesses
if the sums in question are big enough,I would hire a lawyer
if not,and the account is not frozen-withdraw money

[Emmami@758]

Hey,

Does anyone here have any experience relating to bitcoin gambling and taxation in the UK? Have just received a letter saying that I'm being investigated for supposedly 'running an online business'. All the money being moved in and out of my bank account has been done through bitcoin gambling, no significant trading or anything of the sort but I'm not sure how I can prove all of this to HMRC as effectively all I have is my bitcoin wallet's transactions.

Anyone who can help would be greatly appreciated.

Thanks.

gambling is so risky to start business. if we take step in that we have to face lot of problems.in the uk gambling is not possible. once police may find it then we have to face more problems.

[MiF]

Hey,

Does anyone here have any experience relating to bitcoin gambling and taxation in the UK? Have just received a letter saying that I'm being investigated for supposedly 'running an online business'. All the money being moved in and out of my bank account has been done through bitcoin gambling, no significant trading or anything of the sort but I'm not sure how I can prove all of this to HMRC as effectively all I have is my bitcoin wallet's transactions.

Anyone who can help would be greatly appreciated.

Thanks.

There is nothing to worry if your on line gambling and earnings is not illegal that you are paying the right taxes. Maybe there is just misunderstanding of your documents or transactions that needs clarifications so i suggest you should face the authorities to show your good intention with your lawyer and explain your transactions which i think a huge amount is involved that is why the government is questioning you now.
 

[SMSabuj]

Hey,

Does anyone here have any experience relating to bitcoin gambling and taxation in the UK? Have just received a letter saying that I'm being investigated for supposedly 'running an online business'. All the money being moved in and out of my bank account has been done through bitcoin gambling, no significant trading or anything of the sort but I'm not sure how I can prove all of this to HMRC as effectively all I have is my bitcoin wallet's transactions.

Anyone who can help would be greatly appreciated.

Thanks.

I think for paying taxes you can discuss with a lawyer. Because this is a critical issue. That's why it will be good if you can discuss with a lawyer. The only lawyer can give the right suggestion. SO you should meet with a lawyer.

[DRACOCYLUS]

hey .. btc gambling is too risking for your idea. but btc gambling is not illegal..

[gentlemand]

Presumably you still have your gambling account? I assume most sites offer their players a CSV or whatever that's downloadable of all their bets. Download it and show it to the HMRC along with a record of your matching BTC transactions and subsequent sales if they're not mixed.

You haven't done anything wrong and the tools to prove it should be accessible.

[Elle47]

Here you have the information about taxes on bitcoin in the UK.
https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
Gambling is tax free unless you are a professional gambler.