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Posted Tue, 30 Aug 2022 05:53:52 GMT by Frank Biganski
I'm a newly registered sole trader in the UK and will be filing my income taxes for the first time in 2023. I receive a monthly US pension (social security) each month plus I also receive a small, but taxable, income on a small online business whose only clients are from the US. I also will have a small income to report that I've earned here in the UK as a property photographer. My total annual profits will not be more than £85,000, no dividends, etc. Just a simple, self-employed, sole trader. My question is, how/when do I convert my US incomes so I can properly report the income to the UK? I surmise that to be fair, I would convert the amounts from USD to GDP on the day I received the income? If so, might it look like this based on the exchange rate for the day I received the income? 20 April 2022: $1,113 = £868.14 25 May 2022: $1,113 = £890.04 22 June 2022: $1,113 = £912.66 20 July 2022: $1,113 = £923.79 ... etc. This would seem to be the proper approach? I do plan to pay for a consultation with a chartered account as well at some point in time. Thank you! Frank East London
Posted Mon, 05 Sep 2022 13:46:25 GMT by HMRC Admin 17

Hi,
 
The official exchage rates can be found at :

Exchange rates from HMRC in CSV and XML format  .

There is a choice of yearly average, spot rates and monthly rates for you to use. 

For income tax purposes, you have the freedom to chose which ever of those 3 you wish .

Thank you.
Posted Tue, 06 Sep 2022 06:45:00 GMT by Frank Biganski
Thanks you so much for providing the link and information. Extremely helpful! Cheers! Frank

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