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Posted Fri, 25 Mar 2022 15:02:31 GMT by asafm7
Hello, Does an income (for a service) in USD, into a UK-based USD bank account (TransferWise bank account) need to be reported under the Foreign section, or to be added to the general income? Thanks. Asaf
Posted Mon, 28 Mar 2022 12:25:06 GMT by HMRC Admin 17

Hi,
 
If you are a UK resident you would need to declare all your worldwide income unless claiming the remittance basis
 see link:

Tax on foreign income   .

Thank you.
Posted Mon, 28 Mar 2022 12:55:30 GMT by asafm7
WarningThis post is currently being moderated and will be visible when it has been approved by a HMRC moderator.
Posted Tue, 29 Mar 2022 11:01:17 GMT by HMRC Admin 17

Hi,
 
Please note that all overseas freelance/self employed income over £1000 should be declared in the Self Employed pages of your
Self Assessment tax return, converted from USD to pounds sterling.

If US tax has been deducted from the income, you can of course claim Foreign Tax Credit relief in the Foreign pages of the return. 

Thank you.

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