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Where Taxpayers and Advisers Meet

Income in GBP & USD

gemma49
Posts:2
Joined:Wed Jul 13, 2022 2:25 pm
Income in GBP & USD

Postby gemma49 » Wed Jul 13, 2022 2:34 pm

Hi there, I'm wondering if anyone can help. I'm trying to do my tax return myself this year as sadly I'm now on a lower income and my accountant was a little costly!
Part of my income last year was PAYE so that's fine. The other part was as a sole trader. Now I'm fairly comfortable with adding in the income and allowable expenses to my self-assessment, only trouble is I picked up some hours working for a US company who pay me in USD for each hour worked (it's not taxed at their end). I obviously then convert the USD into GBP and pop it into my bank account.
So, my question is - can I just add the converted GBP into my income stream of the sole trader business, or does it need to be declared separately through the foreign income part of the tax return (where the language totally baffles me)
Thanks in advance!
Gemma

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Income in GBP & USD

Postby bd6759 » Wed Jul 13, 2022 11:30 pm

It’s all part of your self-employment. No need for the foreign pages.

gemma49
Posts:2
Joined:Wed Jul 13, 2022 2:25 pm

Re: Income in GBP & USD

Postby gemma49 » Thu Jul 14, 2022 8:34 am

Phew - thanks!


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