How things change over the years.

[Drago]

Yes, sports prize money is classed as trading income and is taxable.

It gets a bit fuzzy though around income from poker tournament winnings and the like.

 

[T4tomo]

A friend of my Dad's was a pretty good amateur darts player back in the day.

The first big pub competition he won back in the '70s was sponsored by the local butchers.

The prize was 2lb. of sausages, and his mother was delighted as that was next day's dinner sorted.

I won more than that at the cricket club whist drive in the '70's.

 

[T4tomo]

Yes, sports prize money is classed as trading income and is taxable.

It gets a bit fuzzy though around income from poker tournament winnings and the like.

I didn't declare a turkey, a goose and a brace of pheasants. Still its paltry amount to the HMRC.

 

[presta]

 

[N0bodyOfTheGoat]

The sticker says "Upgrade for $99 every 2 years". I wonder if anyone did and for how long they kept up that offer.

Back around 2000, gaming performance and graphics detail increased massively every ~3 years, but besides a ~5 year old RX 580 GPU upgrade our gaming system is ~10 years old and only now starting to really show its age.

 

[fritz katzenjammer]

Lance Armstrong is still the richest cyclist. Worth $50mill apparently.

Wow… he could open a chemical factory with that.

or he could save the effort and just open his fridge.

 

[Accy cyclist]

Yes, sports prize money is classed as trading income and is taxable.

It gets a bit fuzzy though around income from poker tournament winnings and the like.

Folk seem to forget that those earning

Yes, sports prize money is classed as trading income and is taxable.

It gets a bit fuzzy though around income from poker tournament winnings and the like.

I've just looked it up and at today's rate you pay 49 percent tax when your annual earnings reach £124,140. Of course that's if you are on PAYE and not self employed and have a good accountant.🧐

 

[Andy in Germany]

Folk seem to forget that those earning

I've just looked it up and at today's rate you pay 49 percent tax when your annual earnings reach £124,140. Of course that's if you are on PAYE and not self employed and have a good accountant.🧐

Don't you pay 49% on any earnings in the year above £124,140? so if you learned £124,240, you only pay 49% on the extra £100, and earnings up to £124,139.99 would be taxed at a lower level?

 

[markemark]

But won't 49 percent of it go in income tax, with it being classed as earnings?🤔

I suspect he has a company and that will go as earnings. But the tax will be offset by expenses (staff, travel, training etc etc etc)