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WPC - prize fund |
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Ads
Home away from home
Joined: 07-Sep-2007
Posts: 1894
From: Essex, England
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Posted: 2007-11-21 15:35
i know i'd run at a loss, i dont think i have ever got to the money stages of a BPPPA tour stop so i wouldnt have earned anything
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philstojanovic
Just popping in
Joined: 08-Aug-2007
Posts: 6
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Posted: 2007-11-22 10:25
whats wrong, if somebody make profit??? would you organize the wpc for free? in my opinion, we all can be happy with matchroom cause i think, these guys are doing a great job!!
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Ads
Home away from home
Joined: 07-Sep-2007
Posts: 1894
From: Essex, England
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Posted: 2007-11-22 11:06
this is the point that is trying to be made, people on this website want the game of pool to grow and expand but if the prize fund for such an event is only $100,00 (which is a lot of money yes but nothing compared to say snooker) people would rather take up snooker as there is no reason for them to play pool competitivly
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malaguista
Home away from home
Joined: 14-Mar-2006
Posts: 1176
From: Spain
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Posted: 2007-11-22 11:18
I agree with Philip, Matchroom do a fantastic job in promoting the sport of Pool, if they were not doing it you would be hard pressed to find anyone else to do it.
I shouldn´t think that too many people earn any money from snooker either, all the money goes to a very few people, ask the ex snooker players why they left the sport to take up pool.
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Ads
Home away from home
Joined: 07-Sep-2007
Posts: 1894
From: Essex, England
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Posted: 2007-11-22 11:47
im not saying that, but in theory pool should be a more popular sport than snooker, tv wise, because it is a more tv friendly game. Its because snooker has the big names and the big amount of money that attracts the big names to it. I mean dont get me wrong, Matchroom have done a great job in promting the event and getting coverage ect but its just a shame that there isnt more prize money [ This message was edited by: Ads on 2007-11-22 11:48 ]
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TheOne
Not too shy to talk
Joined: 13-Sep-2006
Posts: 39
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Posted: 2007-11-22 11:49
On 2007-11-21 13:38 , chirst147 Wrote:!!! QUOTE !!! Steve - Scratchcards and Bingo are classed as gambling and are not therefore not taxed. Gambling only becomes taxable if it becomes a career such a s John McCrirrick.
It could be argued that the GB 9 tour is a hobby time, but thats where the grey area comes in. If it is a recognised Pro Tour then it would difficult to argue that Pool is a hobby. When does a hobby become a profession (remembering that any person can have more than 1 profession). For example - if you buy and sell a car for a profit then theres no tax problem. If you do it twice/three times probably still ok. If you start doing it regular then the IR could argue its a profession.
If you played the Solihull Open tournament for example and won first prize and that was the only tournament you play then it's not taxable as it is a one off. But playing on a tour and also enterring Open events and the IR may view it as more than a hobby.
Also remember that any costs involved would be deducted from the income. Therefore, cost of membership to tour, travel and accommodation, and cost of all equipment (cues, cases, balls etc) are deducted. The majority of the 96 players would probably not make money and if thats the case can offset any deficit against other earned income and therefore be entitled to a tax refund.
Personally I doubt I will make a profit first year so therefore it would be worth me registering as self employed to receive the benefit of reduced tax.
I know this is probably not clarifying the situation, but thats the problem with our Government and the Inland Revenue, everything is rarely cut and dry and often they will only do something that benefits them. I'm not sure if it helps but I've been registered as a "professional pool player" for a couple of years now. Mainly because of the expense of the Euro Tour and playing in the US etc. Obviously given the priize money and the amount of traveling I tend to do its not that hard to make a large loss  Any loss is offset against my day job which reduces the tax I pay. Of course at some point the IR may argue its a hobby and not a profession but I think they will find this difficult as long as I'm playing in professional events. I know some other players do this in the US and probably in the UK also.
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Riggers
Home away from home
Joined: 30-Mar-2006
Posts: 4454
From: Barnsley (centre of the universe)
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Posted: 2007-11-22 11:53
Hmmm... that's a nice idea. The only thing that puts me off is the fact that, having worked for a major corporate organisation constantly since I left school my tax situation has been so simple I've never been called on to do a tax return and I don't know if I could cope with the additional hassle.
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TheOne
Not too shy to talk
Joined: 13-Sep-2006
Posts: 39
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Posted: 2007-11-22 12:58
On 2007-11-22 11:53 , Riggers Wrote:!!! QUOTE !!! Hmmm... that's a nice idea. The only thing that puts me off is the fact that, having worked for a major corporate organisation constantly since I left school my tax situation has been so simple I've never been called on to do a tax return and I don't know if I could cope with the additional hassle. Its a bit of a hassle if u leave it until the end of the year. Mines also complicated though because I contract and avoid as much tax as legally possible! Its worth it if u do play a lot of events esp overseas
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chirst147
Home away from home
Joined: 28-Aug-2006
Posts: 630
From: Birmingham
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Posted: 2007-11-22 13:01
TheOne - I spoke to one of the top UK players who confirmed he is also registered self employed, and I do believe that all tour players should be registered. And most would have a refund.
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8baller123
Just can't stay away
Joined: 07-Jun-2007
Posts: 75
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Posted: 2007-11-22 13:12
but then the questions is who can register to be a pro pool player?
could a local league player register then off set the expesince from his 9-5 job reducing tax ??
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chirst147
Home away from home
Joined: 28-Aug-2006
Posts: 630
From: Birmingham
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Posted: 2007-11-22 13:26
I am assuming only players on a tour could. Thereore local leagues and comps would not count unless won by a tour player. For those not on a tour the likelihood is that it would be classed as a hobby or past time. Being on a tour means you are a more serious player.
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8baller123
Just can't stay away
Joined: 07-Jun-2007
Posts: 75
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Posted: 2007-11-22 13:32
what if the league paid out cash prizes?
its possable (not likely) that a player could enter enough leagues to take a fair bit of money at the end including singles leagues ect
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8baller123
Just can't stay away
Joined: 07-Jun-2007
Posts: 75
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Posted: 2007-11-22 13:35
would the tour need to have a cetian prize fund
on the small table pool at the welsh tour each event pays 350£ to the winenr with 6 events (dont know the exact prize fund) but even winning the 6 events means u wont have made enough money to class a living but still could u off set this from ur 9-5?
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8baller123
Just can't stay away
Joined: 07-Jun-2007
Posts: 75
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Posted: 2007-11-22 13:35
this should be moved to anohter topic tho 
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malaguista
Home away from home
Joined: 14-Mar-2006
Posts: 1176
From: Spain
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Posted: 2007-11-22 15:44
Yes, we seem to be straying from the original topic
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chirst147
Home away from home
Joined: 28-Aug-2006
Posts: 630
From: Birmingham
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Posted: 2007-11-22 16:15
Now got a separate topic for Self Employment issues.
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Ads
Home away from home
Joined: 07-Sep-2007
Posts: 1894
From: Essex, England
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Posted: 2007-11-22 16:31
actually we have 2, but use the one with the most posts as they were created at the same time.
Is it possible to get my one deleted dave?
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