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good afternoon, I am a self-employed

Resolved Question:

good afternoon,
I am a self-employed painter and decorator working in Holland on an A1 form meaning I pay UK tax and national ins. I am in the process of preparing my books and would like to know how or the best way to convert my costs so as living, car running costs, dutch telephone and any tools I purchase in the netherlands.
Thanks in advance ***** *****
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question
Can you advise a little more please, because if you are living and working in the UK and this will last at least a full tax year, then under UK tax jurisdiction you do not stay liable to tax under the UK tax regime.
So please advise further
1) When did you leave the UK to take up this work
2) Do you regularly come home to the UK, for example weekends etc
3) Are you paid from a contractor/business in the UK or are they based in Holland
4) How long will this particular contract of work last until?
5) Are you still undertaking private work in the UK
Thanks
Sam
Customer: replied 2 years ago.

Ok I will try to be a bit clearer, I work as self-employed in UK but I undertake contracts in Holland. Therefore work about 50/50 in UK and Holland. So I travel to and from Holland, I am paid by a business in Holland to my account in UK, in the mean time incur work related costs in Euros which is my question to how I convert my receipts to sterling.

Do I use one conversion rate for whole year? Or convert from daily exchange rate. Length of contracts 6-9 months.

Thans john

Expert:  Sam replied 2 years ago.
Hi John
Thanks for your response and the additional information
Ideally, you should make the conversion of what you are paid and what expenses you incur at the time of the transaction to make the position as accurate as possible - but HMRC are reasonable enough to allow this to be calculated monthly and they publicise spot rates of exchanges throughout the tax year.
The same would apply to allowable business expenses
Yearly would be somewhat out on the reality of matters and daily would be an admin nightmare!
Link here for this
https://www.gov.uk/government/collections/exchange-rates-for-customs-and-vat
let me know if I can advise on this matter any further, but it would be appreciated, if you would rate or accept the answer, as this ensures Just Answer credit me for the level of service, you feel I have provided - Thanks
Sam
Sam, Accountant
Category: Tax
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Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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