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Posted Tue, 16 Aug 2022 10:19:23 GMT by MBarber
Hi, I’m a Sole Trader and sold some work in the US. They have paid me via PayPal in USD. However, it’s such a minute amount that I’m not able to withdraw it yet to my personal business account so it's just sitting in my Paypal account. When do I record this? When I actually received it into Paypal or when I eventually transfer it to my actual bank account? 

And, what exchange rate do I use - HMRC's monthly exchange rates using the month of when I received the money into PayPal? Or the exchange rate when I eventually withdraw it? Thanks
Posted Wed, 17 Aug 2022 12:52:47 GMT by HMRC Admin 19

It will be the date you received it in your paypal account and this is the date/month you will also use for the exchange rate.

Thank you.

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