Daz_Allan
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RE: Question on 'foriegn income' and tax return
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RE: Question on 'foriegn income' and tax return
Hi! Thanks for your response, that makes sense. Do I need to fill in SA106, the foreign income supplementary section of the tax return, in my case? Elsewhere I have seen it suggested that this isn't required, unless you are already taxed on that foreign income abroad (and that this is only for those who want to claim Tax Credit on their foreign income, which I won't be doing, of course). Or do I just convert the US dollar amounts I've been paid to sterling, as you've outlined, and then simply incorporate those (converted) sterling payments within my normal self-assessment declared income? -
Question on 'foriegn income' and tax return
I’m a freelancer writer, using self-assessment, who has only been paid by UK websites up until now (UK pounds into a UK bank account). However, in my tax return this year, I have income from a US site which pays in US dollars (from a bank in Hong Kong) – but this money arrives directly, via bank transfer, in my UK bank account, in UK pounds (the bank performs the currency conversion). Do I just declare this income as normal on my return? Or, as there’s a section for foreign income (in ‘tailor your return’), do I use that instead? As the notes say, I am being paid ‘income from a person abroad’ so do I need to use this section? The YouTube tutorial seems to suggest that this is for money earned abroad, though, which is not the case here – it’s being paid by a foreign bank, but I’m earning it in the UK, in UK pounds, to be taxed in the UK. Any help would be appreciated!