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Posted Tue, 26 Sep 2023 20:11:20 GMT by
Hello, I transferred money (Turkish lira and Pound) from my personal account in Turkey to my Wise company account (Ltd), should I report this and do I need to pay tax on this money? The total amount I sent is less than £30. Also when filing taxes "How should I answer this question?" Let us know if you need to report any of these in your accounts We need to know any of the following: foreign exchange transactions - situations where the company or company pays another person in a currency other than the pound"
Posted Wed, 04 Oct 2023 14:23:57 GMT by HMRC Admin 20
Hi AndM Bhda,

Transferring funds from an overseas bank account to a UK bank account generally does not have any tax consequences.
Any cash held in the company’s bank account will be shown as a current asset on its balance sheet. 
If the payment relates to income or profits derived from overseas business activities, for example investment income from overseas
assets, the company may need to pay tax on that income. 

Thank you.
 

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