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  • RE: Is VAT Threshold Based On Profits or Gross Sales (Turnover)?

    Thank you for the link. That information answers it all, and then some. Frank
  • Is VAT Threshold Based On Profits or Gross Sales (Turnover)?

    I'm new to the UK this past April 2022. I'm registered and working as a sole trader, no employees or subcontractors, working for myself as a real estate property photographer in the London area. I've worked for myself for decades in the US. My accounting is simple here in the UK as well with some business deductions such as mobile phone use, website hosting, occasional software purchases, office supplies, and reasonable home office deductions (portion of utility bills, rent, etc). I will never exceed more than £85,000 annually in total gross sales but my question is, is the VAT threshold based upon my gross annual sales or is VAT based upon my profits after deductions. From what I've been reading online, it appears that VAT is charged if a business or sole trader's gross income/turnover exceeds £85,000 but I'm just trying to clarify. Thanks in advance for your replies. Frank
  • RE: US Income Received Throughout the Year-Self Employed

    Thanks you so much for providing the link and information. Extremely helpful! Cheers! Frank
  • US Income Received Throughout the Year-Self Employed

    I'm a newly registered sole trader in the UK and will be filing my income taxes for the first time in 2023. I receive a monthly US pension (social security) each month plus I also receive a small, but taxable, income on a small online business whose only clients are from the US. I also will have a small income to report that I've earned here in the UK as a property photographer. My total annual profits will not be more than £85,000, no dividends, etc. Just a simple, self-employed, sole trader. My question is, how/when do I convert my US incomes so I can properly report the income to the UK? I surmise that to be fair, I would convert the amounts from USD to GDP on the day I received the income? If so, might it look like this based on the exchange rate for the day I received the income? 20 April 2022: $1,113 = £868.14 25 May 2022: $1,113 = £890.04 22 June 2022: $1,113 = £912.66 20 July 2022: $1,113 = £923.79 ... etc. This would seem to be the proper approach? I do plan to pay for a consultation with a chartered account as well at some point in time. Thank you! Frank East London
  • Where Is Personal Allowance of £12,570 entered into form SA100?

    I found a UK webinar and filing tax forms on the gov.uk website, but neither the webinar nor the forms has a section to enter the personal allowance deduction. I I simply deduct the £12,570 from my gross income before I enter the income into the form online? Thank you, Frank