Do I report foreign currency income converted or deposited?

Do I report foreign currency income converted...

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I'm currently filling in my tax return for my partnership (our income is from advertising fees from our websites). Most of the income is from US companies and so in dollars, and is converted to pounds when deposited.

- I am unsure as to whether I should be counting my income as the amount of pounds and pence deposited into my account, or the dollar amount converted via the hmrc weekly averages at invoice date ( at http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.por...)

-- If the hmrc rates are used, is there an easier way to perform these calculations than visiting the web pages to find what rates they chose?

If anyone has any information on this, I'd really appreciate it.

Thanks

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By Marion Hayes
11th Jan 2012 21:56

For once you can choose

The rates published by HMRC are an option that they will accept as an alternative to reality.

For ease I would use the amount deposited, not forgetting to adjust for the bank charges

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By idletomas
24th Jan 2012 14:32

Thanks Marion, that confirms what I've been told.

 

Quite a relief to see it can be done the sane way!

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