Self-employment with foreign income

Hi, I have been working in England as a sole trader and also for my own Hong Kong business (also sole trader). During last tax year, for my UK business, less than £1,000-worth payment is made to my UK bank account; for my HK business, payment (more than £1,000 but less than £12,570 personal allowance) is made to my Hong Kong bank account. Do I fill in SA103 Self-Employment or SA106 Foreign Income, please? Do I file a tax return for both UK & HK businesses or only my HK business, please? Thank you.

Hi fishball,

If your UK trade and your foriegn trade are the same, you can add the profits and expenses from the foreign trade to those of your UK trade and complete only one SA103.  
If the trades are of a different nature, you would submit an SA103 for each of them and only complete the SA106, if foreign tax was deducted and you are claiming relief.

Thank you.

Hi HMRC Admin, Thanks for you reply. How can I fill in SA103 for my Hong Kong business traded in Hong Kong dollars, please? Which exchange rate should I choose, please?

Hi,

Please refer to:

UK Integrated Online Tariff: HMRC monthly currency exchange rates.

Thank you.