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Tax return help

clevergirl1clevergirl1 Posts: 273
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in Advice #1
If someone who is self employed as received foreign income during the tax year does that need to be declared separately, this person is not VAT registered

Thanks in advance

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  • Keefy-boyKeefy-boy Posts: 13,613
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    #2
    Was this a payment from abroad in connection with their self employed activity, or did they work abroad separately? VAT registration or not is irrelevant.
  • clevergirl1clevergirl1 Posts: 273
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    #3
    Keefy-boy wrote: »
    Was this a payment from abroad in connection with their self employed activity, or did they work abroad separately? VAT registration or not is irrelevant.

    Hi Yes its self employment income, he didn't work abroad just sold product to abroad. thank you, much appreciated
  • tellytart1tellytart1 Posts: 3,684
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    #4
    Then, yes, it needs to be declared as income.

    If you sell something in the UK to anyone anywhere in the world as a course of business, the profit on the item sold is taxable income. (i.e. declare the received value as income, and the cost price of the item as an expense, if the item was purchased into stock in the same tax year as payment for the item was received).
  • clevergirl1clevergirl1 Posts: 273
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    #5
    tellytart1 wrote: »
    Then, yes, it needs to be declared as income.

    If you sell something in the UK to anyone anywhere in the world as a course of business, the profit on the item sold is taxable income. (i.e. declare the received value as income, and the cost price of the item as an expense, if the item was purchased into stock in the same tax year as payment for the item was received).

    So does it get declared as normal income would or is there a separate box/form for foreign income? sorry to ask so many questions. Thanks again
  • swingalegswingaleg Posts: 103,090
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    #6
    Yes........I'm self employed and used to do work for customers in 3 countries

    It all just counted as one income for income tax purposes.........the tax was payed on 'my income' !
  • clevergirl1clevergirl1 Posts: 273
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    #7
    swingaleg wrote: »
    Yes........I'm self employed and used to do work for customers in 3 countries

    It all just counted as one income for income tax purposes.........the tax was payed on 'my income' !

    Perfect that's the answer I was hoping for thanks
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