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Posted Sat, 03 Dec 2022 14:43:49 GMT by selfemployed2022
Hello. I receive income from a Meditation app where I have a profile. The app/company HQ is in Sydney Australia. They pay me via Paypal in USD but when I withdraw in GBP it is at the exchange rate at the time of withdrawal. How do I record this income on my self assessment? Is it just whatever amount I withdraw in GBP? Thanks
Posted Wed, 07 Dec 2022 08:45:51 GMT by HMRC Admin 19
Hi,

You will record this in with your self employed income.

You will use the exchange rate for sterling at the date the payment was made to you.

Thank you.
Posted Wed, 25 Jan 2023 16:04:07 GMT by Henroid
How to Record Income Paid into a Paypal account in USD? Recording income paid into a PayPal account in USD involves several steps: Log in to your PayPal account and navigate to the "History" tab. In the "Filter by" section, select "Income" as the transaction type and set the date range for the income you want to record. Take note of the total income received in USD for the selected date range. Open your accounting software or spreadsheet and navigate to the appropriate account or ledger for recording income. Create a new transaction or entry and enter the following details: Date: Enter the date the income was received. Description: Enter a brief description of the transaction, such as "PayPal income" or "Online sales income." Amount: Enter the total income received in USD. Account: Select the appropriate income account, such as "Sales Income" or "Online Sales Income." Save the transaction or entry and ensure that it is properly recorded in your accounting records. It's worth noting that PayPal also offers the option to download your transaction history as a CSV file, which you can then import into your accounting software. This can save you time and make it easier to record your PayPal transactions in your books. It's also important to make sure that you are keeping track of all the taxes and fees that are applied to your PayPal income and report them accordingly to the tax authorities.

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