David Mears
Joined: 12/1/2023
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Where to enter foreign income on the self assessment tax return
I have some income that is classed as self-employment income, and some that is classed as miscellaneous ('casual earnings', in the field Other UK income 33). In both of these cases, a portion of those income sources comes from overseas (that is, I've received income in both GBP and USD). If I were to include my USD income in the 'foreign income' section, it would be duplicating income that I have already entered elsewhere in the form, under self-employment income and under miscellaneous income. Since the majority of my income was in USD, I would falsely appear to have a total income about twice my actual income, because of this double-counting. How should I report my income? Should I report the USD payments in the foreign income section, subtracting them from my self-employment and 'Other income' incomes? (This would of course result in under-reporting the 'Business income' for my self-employment.) Or should I convert the USD payments to GBP and include them within my GBP totals in the respective self-employment and 'Other income' sections? I am a UK resident.