Self Employment Earnings

Hi All,

I will be applying for my ILR soon.

I am currently both employed and self-employed(sole trader). On my self employment, I am currently work for a overseas university and have received a payment (more than 10k), which i will be showing as a income for my ILR application.

For the above payment, I raised a invoice in dollars and the money got credited in to my business account in pounds (based on a particular day currency conversion rate).

My Question is - Should I have to treat this payment differently(as the invoice is in dollars and the money credited is in pounds) by submitting any extra documents OR I can show it as a normal payment.?

Please advise and thanks for your time.

Hi All. Can someone advise on this post please.
Many thanks for your time

Have you paid tax on it?

Hi Wanderer, thanks for your response..
No, I haven't filed the tax yet.
This payment was received this year, so the tax will be paid after April 2016

I want to know, if HO will raise any question if the invoice raised was in Dollars($) and the payment credited is in pounds and also how they will calculate the currency conversion rate ?

Should I have to submit any extra document to support this income ?

Please advise .

karthik_513 wrote:Hi Wanderer, thanks for your response..
No, I haven't filed the tax yet.
This payment was received this year, so the tax will be paid after April 2016

I want to know, if HO will raise any question if the invoice raised was in Dollars($) and the payment credited is in pounds and also how they will calculate the currency conversion rate ?

Should I have to submit any extra document to support this income ?

Please advise .

I dont see a problem with that. UKVI will use oanda for currency conversion on that date. I would recommend you add this information in the application so it is clear.