Foreign Income (based in UK) Thread poster: Frances Leggett
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As all of the UK based translators are probably scrambling to get their tax returns done by 31st January, it's really hard to get through to HMRC to ask some tax advice so I thought I'd ask this question on here and see if anyone has this information.
I am based in UK, but work with Italy and UK as I work with clients and agencies in both countries. When I started out, I was told just to convert any Euro payments into Pounds using the average exchange rate for the whole year that t... See more As all of the UK based translators are probably scrambling to get their tax returns done by 31st January, it's really hard to get through to HMRC to ask some tax advice so I thought I'd ask this question on here and see if anyone has this information.
I am based in UK, but work with Italy and UK as I work with clients and agencies in both countries. When I started out, I was told just to convert any Euro payments into Pounds using the average exchange rate for the whole year that the HMRC gave me and put it all down and pay all tax in UK. But is this then classified as "foreign income"? i.e. all payments that have come to me from Italian clients made in Euro, are these classified as "foreign income"?
I also have a Euro bank account in Italy for those payments but I have mentioned that in my tax return.
Can anyone help? ▲ Collapse
| | | | Roberto Bertuol 
United Kingdom
Local time: 09:55
Member (2007)
Italian to English
+ ...
| Foreign Income | Jan 18, 2010 |
Hello, I have just finished my calculations for my tax return. Most of my clients are based either in ITaly or in the US, however this is not considered as foreign income. Foreign income is any income arising from land or property abroad, trusts, dividends, pensions or benefits or savings accounts or companies that are not taxed in the foreign country where it generates as you are not resident there. This foreign income needs to be taxed in the country where you usually live and work. If this is... See more Hello, I have just finished my calculations for my tax return. Most of my clients are based either in ITaly or in the US, however this is not considered as foreign income. Foreign income is any income arising from land or property abroad, trusts, dividends, pensions or benefits or savings accounts or companies that are not taxed in the foreign country where it generates as you are not resident there. This foreign income needs to be taxed in the country where you usually live and work. If this is the case, then you need to fill in the Foreign pages (form SA106.pdf) otherwise you don't.
Hope it's clear
Sorry didn't understand...do you have a Euro bank account and you did mention it or not?
If yes, then you need to fill in the foreign pages and write down the interest from the savings (if any) and the foreign tax taken off or paid. You should be able to find everything on your bank statement.
Roberto
[Edited at 2010-01-18 19:17 GMT] ▲ Collapse
| | | | Frances Leggett
United Kingdom
Local time: 09:55
Italian to English
+ ...
TOPIC STARTER | Thanks Roberto | Jan 18, 2010 |
Much appreciated. I just wasn't sure if it was classified as foreign income, but you've confirmed that it's not and that's good enough for me!
| | | | Tom in London
United Kingdom
Local time: 09:55
Member (2008)
Italian to English
Frances Leggett wrote:
Much appreciated. I just wasn't sure if it was classified as foreign income, but you've confirmed that it's not and that's good enough for me!
I can confirm this. I'm in more or less the same situation.
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