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Posted Wed, 28 Aug 2024 11:57:10 GMT by Lucille.D
Hi, I’m filling out my self-assessment for the first time as a self-employed individual and finding it a bit challenging. I’ve tried getting help through chat and phone, but it hasn’t been very successful, so I’m hoping someone here can assist. Question 1: I received a one-time bank transfer in euros during the tax year. Does this fall under the "foreign income" section, or should I just convert it to pounds and report it like any other income? Question 2: I’ve been receiving both standard and housing benefits through Universal Credit. Do I need to report these on the self-assessment form, and if so, where should I include them? Thanks in advance for any guidance you can offer!
Posted Mon, 09 Sep 2024 11:37:41 GMT by HMRC Admin 10 Response
Hi
Q1 - If the one-time bank transfer is in connection with your Self Employment then this should be converted to Sterling and then added to your Self Employment profits and included in the Self Employment pages.  
Q2 - You do not need to declare this income.  

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