Hi,

I live in the UK and play alot of live poker cash games. Because I play cash games and not tournaments I have alot of cash lying around. I want to put it into the bank but I have no evidence that my money came from playing poker. If I was a tournament player it's alot easier because big wins are paid into the bank and results are logged online etc. etc. but this is not the same for cash game players.

How do you cash game players legitimately get your cash in the bank to pay rent and bills etc? In the UK you can put up to 15k per anum into the bank with no questions - but I make more than 15k per anum and even with 15k it probably wouldn't be long before HMRC were onto you. (Paying 0 tax per year with 15k income etc.)

Any advice would be appreciated. I asked for receipts at my local casino before and that one was a big fat no.

In the US, you declare the full amount as earnings, then pay tax on it. I don't believe the banks have any restrictions on how much you can deposit (but large deposits may trigger certain DHS reports being filed to document and make sure you aren't laundering money for terrorism). As long as you are paying correct taxes on your earnings, it's not like there will be an issue with that aspect.

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Poker winnings are not taxable in the UK, so no tax evasion going on.

OP is simply wondering how he can prove the money he is depositing is not 'normal' income that should be taxed.

OP.

If you use an app to track your progress I would think that providing that may be enough.

Would your casinos be happy to print out your attendance record? This would prove dates match up.

If you are earning player points, this is another record that may help. Although these themselves may be taxable I suppose.

I would suggest you keep meticulous records of dates, times, buy-ins, cash outs...

Other than that, I don't know.

Can you get the casinos to cut you a check or wire funds to your bank rather than give you cash? I know it's not like you are getting a big amount all at once like a tournament but if they would do it the source of money would be apparent.

buy a safe

That doesn’t help. In the non-US part of the civilized world, you pay all your bills directly from your bank account. For example, nobody would accept cash/check/money order for rent.

This page offers 'gambling tax service.' Create an account and see what it says.

https://www.gov.uk/log-in-register-hmrc-online-services

Can you pay your bills with a pre-paid card like Netspend?

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Seems like this might be the time to have accounts with multiple banks. I am guessing options are somewhat limited in the UK, but there are at least three or four major banks (based on stocks that are traded in the financial sector).

That’s a recipe for disaster. Never do something that looks highly suspicious or illegal unless you are doing something illegal and have no other options.

The only reasonable advice is to consult a tax expert who has handled professional poker players before. Due to the nature of gambling winnings being tax free in the UK, lots of highrollers from other EU countries have their residence in England or Scotland.

Is it really that uncommon in other countries to have accounts with multiple institutions? Or is that also something unique to the United States?

Why can't you just deposit the money and when asked clarify that you won them at poker?

Assuming you aren't doing anything illegal in other areas, having the HMRC look into your transactions wont hurt you. Is the burden of proof somehow on you?

I deposit my winnings directly into my bank account in Denmark (No taxes to be paid either) and when asked I have just said that the money is from the casino. It has never been a problem for me, nor have i ever been asked to somehow prove or verify it.

It’s not unusual to have accounts with multiple banks. But it’s highly unusual to put 14k in cash into every one of them if they are required to ask questions at 15k+.

And doing anything suspicious with gambling winnings is just stupid in a country that doesn’t tax that kind of income.

In the US, the IRS requires people who claim gambling losses to have maintained a contemporary log that shows time played, game played, location, profit/loss etc. so if it's good enough for them, I would think if you have a similar log with your poker playing to verify your income on a daily basis, that should suffice for a bank that is just wondering where the money came from.

I got a prepaid MasterCard, no credit checks online banking and direct debits and I just go into local spar. Load money onto my card and pay respective bills.
I am south east England and play cash and tournaments.

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I mean go and get real tax advice but if casinos don't hand out receipts, just keeping an accurate log should be sufficient. Make sure it tracks days you played, win/loss per session, and another column for poker winnings deposited...like a car log book.

I go to the bank, answer all questions asked, and provide all documents requested while maintaining a pleasant demeanor and acting as if I want to make their job as easy as possible (which I do). They I hand them my money.

This.

Gambling earnings are tax free in the UK, so there's no even bad reason not to say where it came from. While I suspect it is a bit of a hassle to have to explain it, that is going to be far less of a hassle than if you start trying to structure your deposits at various banks. Then they are going to assume you'd did something illegal.