UK Tax on Sports Winnings


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I appreciate that this will not be a straight forward answer, but hopefully someone can give me some kind of guidance.
Currently I participate in various global events as a BMX Rider, these are at a professional level.

I attend about 25 events per year & I have now started to receive prize money, this can vary from £250 to £2000 per event. My question is, do i need to declare this income, likewise i have expenses to attend these events, so likewise, can i claim these?

Its worth noting, i also film weddings, events etc on a Freelance basis, probably 2 days a week on average where i do of course declare my income

Thanks for any advice you can offer
 
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Becky

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Welcome to the forum, and congrats on your sporting success :)

The answer is; it depends. It's a fine line between hobby and taxable trade, and will differ on a case by case basis. HMRC have issued guidance on this, which is worth reading carefully:

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim50600

The phrase "whether the athlete is organising the activities in a business-like manner and with a view to making a profit" is important. Be sure to check out the case studies too.

If you're not sure which category you fall into, then I'd recommend either getting in touch with HMRC or seeking professional advice. Hope this helps!
 

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