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  • RE: Average for the year exchange rate for Self Assement

    Re: foreign income details section of the self-assessment, there's a question "Were you UNABLE to transfer some or all of your overseas income to the UK?" 1. Does this refer to technical inability to transfer or also include the personal decision not to transfer? I chose not to transfer for 2022/23 (but I was technically able to), I should tick the Yes or No box? 2. For 2023/24, however, I have transferred a portion of foreign savings to the UK. BOTH interest & principal were paid into the same account. Does HMRC treat the transfer first as interest income as opposed to capital? 3. For 2023/24, I received a lump sum as director's fee. Should I convert it based on arising basis, which is monthly, using the average rate of that month? I originally thought I didn't have to submit self-assessment as all tax were paid via PAYE except for