Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Work

Chat with other users about all things related to working life on our Work forum.

tax return - payment in foreign currency via Paypal

2 replies

pennycarbonara · 16/08/2017 12:16

How to deal with this?
In some instances, money was transferred to UK current account in £s, sometimes on the same day as being paid, sometimes not.
In others, the money was spent within Paypal gradually. Once or twice in the original currency paid, others converted into £s at point of payment (so different exchange rates on different days).

OP posts:
pennycarbonara · 16/08/2017 14:56

Does it use these standard per-month exchange rates?
www.gov.uk/government/publications/hmrc-exchange-rates-for-2016-monthly
That would make it much more straightforward.
Or are those for VAT rather than self-assessment?

OP posts:
PoppyPopcorn · 28/09/2017 16:47

Hello, have only just seen your post and was in exactly the same position a few years ago as a lot of my earnings were in dollars.

After a VERY long conversation with someone at HMRC who didn'treally get what I was on about, I finally spoke to a supervisor who told me that HMRC set a standard, average exchange rate for the year for every currency. www.gov.uk/government/publications/exchange-rates-for-customs-and-vat-yearly

So you add up all your earnings in dollars (or euros, or whatever else) and use their average rate. On the year I did this, i put a wee note in to state my $ earnings and which rate I'd used.

New posts on this thread. Refresh page