Trading income in USD, slightly over threshold when converted to GBP, self employed?

I do some on-line testing from home paid in USD and in 23/24 for the first (and I will ensure only) time I have gone slightly over the trading income threshold. I am aware I have to declare it in self assessment and have kept an audit trail via my own records, references and my paypal statement. It is only "pin money" and I will not attempt to offset any expenses such as internet connection etc. against it. 1. Do I need to register as self employed for 2023/24 ahead of filing the return or just put the USD amount as foreign currency income? 2. If I have to enter the GBP amount, do I state the amount I actually received using paypal's exchange rates at the time or use the HMRC rates - and if so which HMRC rate, monthly? Thanks in advance

Hi,

You need to register before filing the return. You will declare the income in sterling under self employment.

You can use any rate as long as it is within the tax year,

Thank you.

Thanks for the reply, I assumed that would be the case. One final question though to which I can not find a clear answer on-line... I have already registered for Self Assessment, is registering again as Self Employed a separate step or do I simply have to tick the relevant box and enter a "company" name when filling in the assessment on-line? Thanks in advance again

Hi,
The difference between registering for self assessment and registering self assessment as self employed, is that you are notifying the nation insurance side of HMRC, so that you can pay class 2 and class 4 nation insurance on your net profits.  
If you are already registered for self assessment, but not self employment you can contact the NIC help line below. You will need to have a valid national insurance number.
National Insurance: general enquiries
Thank you.