Her Majesty’s Revenue and Customs (HMRC), a non-ministerial department of the UK Government that is responsible for taxes collection, regulatory regimes administration and state support payments, has updated its online guidance on Betting and Gaming duties.
The section where the above-mentioned duties could be found is called Gambling Duties, and the updated section, respectively, is called General Betting Duty, Pool Betting Duty and Remote Gaming Duty. These rules were first published in August 2014, with some additional information about off-course bets added at the end of August 2015.
Under the latest update is from April 25th, with a new paragraph about the accounting periods added to the rules. There were some changes made to the “When and how to register” paragraph and the “When to fill in returns and make payments” paragraph. The Gambling Duties guidance of the HMRC is aimed at informing all players whether they need to pay some duties, and also provide them with information when and how to register, how to make payments and fill in returns and also about the duties’ rates.
The “Accounting Periods” paragraph is the newest addition to the General Duties guideline of HTMR. Under the provisions implemented, the standard accounting period is estimated to 3 calendar months. The accounting period is set to start on the first month’s beginning and lasts until the third month’s last day. Businesses would also be able to take advantage of the so-called non-standard accounting periods, but they would first need to get the HMRC approval.
The use of accounting periods that do not correspond to the standard ones is also allowed under the new paragraph addition. What businesses are required to do is choose a certain accounting periods pattern including four quarters set within a total of 12 months. The ending dates of the non-standard accounting periods are chosen by the businesses themselves, with the companies being able to extend their non-standard accounting periods after their eight one ends.
New eight end dates are required to be set by the companies in order for them to continue using the non-standard accounting periods scheme. In case that the do not do that, the would be automatically transferred to the standard accounting periods schedule.
Apart from the amendments made in the General Betting Duties guidance, HMRC has previously announced that it is to make some changes in its free bets tax regulation in 2017. The new rules that are planned to be implemented in regards to free bets, freeplays and discounted betting. As revealed by the department itself in December 2016, the new piece of legislation is planned to be also included in the Finance Bill 2017. The tax legislation amendments are to start on or after August 1st, 2017.
- Author
Daniel Williams
