jess810

Hi, I earn a monthly salary and get paid in Hong Kong dollars. When submitting PAYE, I convert the Hong Kong dollars into sterling pounds using HMRC monthly rates for NIC purposes. But for tax purposes, I reported nil as I intend to file a Self-assessment return. So my total salary appeared in my P60 is zero. Now I am filling in the SA return, I would like to ask if I can use different rates, such as HMRC average year rates or spot rates, for the conversion of my monthly salary. Many thanks and looking forward to your reply soon.

Hi, I am employed by a company in Hong Kong, but I work from home in the UK. I get my salary paid every month in Hong Kong dollars. I use the monthly rates from HMRC to convert the pay amount to pounds sterling for NICs purposes when using the basic PAYE tools to make submissions. Meanwhile, I put £0 as the pay amount for Income Tax purposes, because I file a Self-Assessment return at the end of the tax year. Now I am filling in my Self-Assessment return. Can I use the yearly average rates or the spot rates instead of the monthly rates to convert my monthly salaries to pounds sterling for Self-Assessment? Many thanks.