Guidance on Declaring International Project-Based Income

Certainly! Here's a revised version of your message that is clearer and more formal, suitable for posting on the HMRC forum: Dear HMRC, I am a tax resident in the UK and currently engaged in project-based work remotely for clients in Taiwan and Hong Kong. Although I have invoiced these projects in GBP and requested payment to be made to my UK bank account, my clients have expressed a preference to compensate me in cash in GBP due to limitations with their banking facilities. I am seeking clarification on the following matters: 1. Declaration Year for Income Received Late: My invoices for the work done in the fiscal year 2023-24 will not be settled until my next trip to Hong Kong, anticipated in the fiscal year 2024-25. Could you advise on which fiscal year I should declare this income? 2. Bank Deposit Requirements: Upon receiving the cash, is it mandatory to deposit the full amount into my bank account? Additionally, would depositing the cash be considered a more prudent approach for tax purposes? (accumulate to around £9,000) 3. Required Documentation: Besides invoices, are there any other specific documents that I need to prepare, or request from my clients, to comply with tax regulations? I appreciate your guidance on these matters to ensure I am adhering to the correct tax reporting procedures for international income.

Hi Ravi khan

1. This depends on whether you are using the cash basis or traditional accounting - Cash basis    
2.  no    
3. Please refer to Business records if you're self-employed

Thanks