We (as a couple, up to you whether that makes it easier or harder) can def get by on £600 a month if you remove rent (or mortgage ). Rent is by far our biggest monthly outgoing and by a long way. Even longer since moving down South!
Provided you never have to prove your income for any reason, APing full time has its benefits. I'd repeat Mariner's advice: get out of the house every day!!! I try to but fail quite often. It means you're sitting vegetating (and thus making sod all money to boot) and nobody wants either of those things.
Good point. I think a good way to do this is to plan to cook something different each day. Go to the shops to get the stuff, then spend the time making it. Good way of destressing/relaxing the mind.
Originally Posted by EvilMickey
"Pay no attention to what the critics say. No statue has ever been erected to a critic."
Or ............... If you have a set of balls you could leave that to a woman and go the pub or play footy
Originally Posted by U4EA
I was advised to file a tax return (By HMRC) even though no tax is due. I also have a letter from them addressed to me specificly stating gambling winnings in your name are not taxable even if it is your sole source of income, it might not hurt to write to them and get one of those for your own piece of mind. On the self assesment form there is (was?) a comments box for extra info, and I just wrote that income came from gambling and it was my understanding this was not defined as a "trade" and not taxable so I was not entering anything else. I think that was around 2005/6ish.
Originally Posted by Stevesharpe
Since then I have had an accountant help with it all for affiliate earnings from this website anyway. At the same time as doing that Company report we fill in a self assesment form for me which has on it the taxable earnings, and also a small note still saying most other income came from gambling, but that is not a trade so go away (words to that effect).
I have never had a submission questioned at all.
Have a plan and stick to it
I also have an accountant who takes care of everything for me. I have other concerns so I found myself a decent accountant. I have never once paid any tax on any "gambling" income and nor have I ever been asked to explain anything about it. I do however make sure I pay my NI contributions. It is only a small amount and never missed but you have no idea what will happen in the future regarding your funds. You may end up with a large chunk of your bankroll in one particular book and the place goes tits up or rogue and you lose significant amount of money. If anybody is serious about doing this full time make sure you make provisions for the future.
Pay into a pension and pay your NI. Don't fuck with your retirement, pay what you need to pay as you never know what is around the corner.
I would also suggest having a contingency fund. If you fall ill or suffer injury which means you can't bet then you don't make money. You have no sick pay to fall back on if this is your only source of income
You need to make sure that if shit does happen to you you can get through it.
So moral of the tale. Don't fuck yourself over. Pay what you have to pay and save what you need to save.
Another concern for me would be what happens if I wanted to go back to a full-time job and had a gap of n years on my CV. A lot of companies might not take kindly to "I gave up my job so I could be a professional gambler" even if it can be proven that AP is relatively risk-free. What happens if tomorrow, parliament turn around and say "no more online gambling in the UK"?
I was made redundant 1 year ago and had to look for a new job. I found that the pay was not what it was back in 2007 and that I had been pigeon-holed into an area I didn't want to do so found it difficult to find an employer willing to pay me what I wanted when I hadn't been in the field for 3 years. A lot of companies only concentrated on the last 2 years of my CV and ignored the previous 8-10 years.
I don't think I could live on £600 a month....I must be a snob/pig when it comes to food as I spend 2/3 of that on groceries/household stuff a month....that's without adding in utility bills, car insurance, road tax, council tax, insurance...etc.
Personally, if I were close to retirement age and didn't have a young family, I may go full-time with this but then I would also relocate to somewhere with lower living costs and more agreeable weather. I'd also set-up a company so that I could go contracting on a part-time basis. Not all jobs are do-able as a contractor so maybe be employed part-time by a family/friend who runs their own company. At least then you could pick and choose if an interesting opportunity came along.
My biggest concern was highlighted by lotte...what happens if I get ill/injured and can no longer work/AP? Who is going to support my family? My family would have no incapacity insurance (which I do get with my current job) if I were to quit now and go APing full-time.
On how needs to do a self-assessment, a good place to start might be here: HM Revenue & Customs: Do you need to complete a tax return?
Good luck with whatever you decide.
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Thanks to everyone for all the great replies. Really given me a lot to think about. I too have a young family, the eldest of my 3 being 10. When you have a full time income, £28k in the bank seems like a fortune. Take away the wage then it seems like peanuts.
We spend £350-400 pcm at the Supermarket too horse, then theirs all the bills each month and annually £2k for a family holiday, £250 for school uniforms, £400 for school trips, £400 for Cubs / Brownies etc. etc.We definitely could not survive on £600 until the kids have all left home, and that would lower our standard of living too.
As a few of you have pointed out, what if I fall ill, or I can't gamble for reasons beyond my control? I think I need to have another income stream, even if it's only part time.
I find AP can be stressful at times, anyone need a soothing massage, £25 for 1/2 an hour?
You just need to ask yourself one question, do you feel lucky punk?....... Well do ya?
Good luck with this Steve, I hope it all goes well for you.
I don’t want to sound too much like an arseh*le, but am I the only one who thinks someone with such a young family can’t afford to take such a potentially unreliable form of income? This is just my opinion of course, but even though Aping can (for some) be quite lucrative, I certainly wouldn’t consider it as risk free as people make out. Especially if it becomes your only source of income; it then is quite risky IMO. Bookies can fail, human error can cost a lot and offers can slow for short periods, gubbings; not to mention fraud and any other unforeseen pitfalls.
I have to be honest IMO it seems unlikely for Aping to be as or more lucrative over the next 10-15 years time (I could be completely wrong of course) as it seems this would be the amount of time you would need to do it full time, if your oldest is 10 years. You have to take into account potential decline in the gambling industry or mergers, so less number of bookie become available, or just a general decline in companies marketing budgets. Not to mention the increasing cost of living standards and economic satiability of the various nations, especially the UK.
That’s without considering career aspects, such as, large gaps in your CV, so if the time comes to find another job it becomes difficult and is likely you would have to settle on a lower wage/worst job. Also, let’s be frank here 99% of people will not become millionaires from professional gambling (or wealthy for that matter) So, you are likely to only progress so far with Aping, Maybe hitting the 2-4k per month average (which is good, but with no idea how long it will last; plus the time/ stress it would involve you might be better off looking to hit half that on top of a full time job for a more reliable income) Also, you have motivation, dedication etc to consider. Can you really put in enough time/energy day in day out in front of a screen all by yourself? I could imagine it would test your sanity.
So far I have only mentioned what I think the negatives are and of course there are many positives, such as, you become your own boss, get to spend more time with the family and even though I said Aping could be stressful, it probably is less stressful than working full time or running a business. And with any extra capital you have the chance to invest in shares, businesses or any other money generating ventures which can help relieve some of the pressures of Aping full time.
Only you know what’s best for you and your family, and it sounds like you’re really thinking about things before diving in, which is a good plan. I wish you the best of luck and really do hope it works out for you mate, takes a lot of balls to go full time I reckon.
One day you have it........Next it's AllGone
hope all goes well in a similar situation myself, keep us updated how you get on .
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