Invoicing a client in Poland from the UK a different currency Thread poster: Aleksandra Karpiuk, AITI
|
|---|
Hello all,
I have recently registered as self-employed in the UK and I am still new to the invoicing thing. So far I had no problem sending invoices to my UK clients, but today I have completed a translation job for an agency in Poland. We agreed on payment in PLN and due to bank fees and all this transfer nonsense I decided to give them my Polish bank details - seems like the easiest way for them and for me. But now I'm starting to have second thoughts - how HMRC will look at this ... See more Hello all,
I have recently registered as self-employed in the UK and I am still new to the invoicing thing. So far I had no problem sending invoices to my UK clients, but today I have completed a translation job for an agency in Poland. We agreed on payment in PLN and due to bank fees and all this transfer nonsense I decided to give them my Polish bank details - seems like the easiest way for them and for me. But now I'm starting to have second thoughts - how HMRC will look at this when suddeny they see my Polish bank account on the invoice? Am I even allowed to do something like this? (and how will I indicate how much I earned in GBP for this particular job I got paid in PLN)?
I would appreciate your help. ▲ Collapse
| | | | Charlotte Farrell 
United Kingdom
Local time: 03:15
Member (2013)
German to English
+ ...
| Should be no problem | Sep 11, 2014 |
When you fill in your tax return, there's an option to enter foreign income. I heard from a friend of mine that has an accountant that apparently you can just enter it at an exchange rate you can justify and it's all fine You could also call HMRC and ask them how best to enter this in your tax return - they're usually very helpful and they're the perfect people to ask.
| | | | Sheila Wilson
Spain
Local time: 03:15
Member (2007)
English
+ ...
| Just don't keep any secrets | Sep 11, 2014 |
No problem. Many of us have multiple accounts in different countries and accept various currencies. You may want to ask for professional help in preparing your first tax return.
| | | |
You are entitled to use as many banks accounts you want, and where you want, so long as you declare what needs to be declared.
I very much doubt this should be declared as foreign income, though, but an accountant or the Inland Revenue can tell you that better than I can, as Charlotte said. Where the bank account is would seem quite irrelevant for that question.
You can u... See more You are entitled to use as many banks accounts you want, and where you want, so long as you declare what needs to be declared.
I very much doubt this should be declared as foreign income, though, but an accountant or the Inland Revenue can tell you that better than I can, as Charlotte said. Where the bank account is would seem quite irrelevant for that question.
You can use the exchange rate on http://www.ecb.europa.eu/stats/exchange/eurofxref/html/index.en.html (The European Central Bank) on the date the amount was credited to your account to convert the amount into pounds so you know how much to declare. They have historical exchange rates back to the start of the euro. ▲ Collapse
| | |
|
|
|
Thank you all for your comments and advice. I invoiced the agency, but I will definitely need help with my first declaration, as Sheila said.
| | | | Thomas Pfann
United Kingdom
Local time: 03:15
Member (2006)
English to German
+ ...
| It's not "Foreign Income" | Sep 15, 2014 |
Charlotte Farrell wrote:
When you fill in your tax return, there's an option to enter foreign income.
Careful, though. This is not foreign income. The foreing income section is mainly for pension, investment and property income from overseas, but not for income from employment or freelance work - see HMRC's definition here: http://www.hmrc.gov.uk/manuals/tctmanual/tctm04007.htm
I agree with everything else said so far, though. You just add it to all your other income and it's mainly up to you which exchange rate you use to convert the amount - as long as what you do makes sense.
| | | | Tom in London
United Kingdom
Local time: 03:15
Member (2008)
Italian to English
Thomas Pfann wrote:
Careful, though. This is not foreign income.
Correct. This is payment for a service that you provided in the UK. Therefore it is income that you earned in the UK.
| | | | To report site rules violations or get help, contact a site moderator: You can also contact site staff by submitting a support request » Invoicing a client in Poland from the UK a different currency | Wordfast Pro | Translation Memory Software for Any Platform
Exclusive discount for ProZ.com users!
Save over 13% when purchasing Wordfast Pro through ProZ.com. Wordfast is the world's #1 provider of platform-independent Translation Memory software. Consistently ranked the most user-friendly and highest value
Buy now! » |
| | Pastey | Your smart companion app
Pastey is an innovative desktop application that bridges the gap between human expertise and artificial intelligence. With intuitive keyboard shortcuts, Pastey transforms your source text into AI-powered draft translations.
Find out more » |
|
| | | | X Sign in to your ProZ.com account... | | | | | |
Login to reply/comment 
Translation news
