TTT

Hi HMRC, I am a sole trader in the UK and I also have a sole proprietorship registered in HK under my name. I live and work in the UK now for both of my businesses (the nature of both businesses is website design). My UK clients pay GBP into my UK personal bank account and my HK clients pay HKD into my HK business bank account. 1) Is it correct that my HK income is not foreign income so I don't need to use SA106? 2) Is it correct that I can convert the HK income into GBP using the official UK exchange rate and combine it with my UK income, then file SA103? 3) I also have personal bank account in Hong Kong where they give me saving interest. Do I need to report this saving account interest, even though it is in my personal, not my business, account? Thank you.

Hi, I'm a UK resident. I am a sole trader here in the UK and in Hong Kong. The nature of the business is exactly the same (i.e. I work on UK soil for my UK and Hong Kong businesses). For context: 1. For my Hong Kong business, the income and expenses are in HKD and is paid into/withdrawn from my bank account in Hong Kong. I keep the profit in HKD in my Hong Kong bank account without transferring it into my UK bank account. 2. My Hong Kong income is really little (~GBP500 only in total for tax year 23/24) and I definitely won't be taxed there – i.e. I don't need to claim foreign tax credit relief here in the UK My questions: 1. When filing my self assessment, do I simply declare the combined profit (i.e. GBP + (HKD x GOVUK exchange rate of those specific months)) on SA103? 2. Since the nature of my two businesses is the same, is it true that my Hong Kong income is NOT considered foreign income (i.e. I don't need to use SA106)? Thank you.