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Tax return

Hello 

A client is receiving some income in  USA Dollars, but lives in England and the business is registered in England.  Do I need to convert the Dollars in to English Pounds  when completing the accounts and the Tax return.

Thank you 

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13th Mar 2018 15:19

Accounts no, in theory (though I wouldn't recommend it), but Tax Return yes.

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By Ruddles
to lionofludesch
13th Mar 2018 15:27

Unstated assumption?

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to Ruddles
13th Mar 2018 15:43

Can't even be bothered stating them now.

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By Ruddles
to lionofludesch
13th Mar 2018 15:48

I assumed that to be the case - but couldn't be bothered to state it.

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to Ruddles
13th Mar 2018 16:00

Touché.

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By Ruddles
13th Mar 2018 15:26

I know it's picky, but:

Dollors?
stirling?
modeling?

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to Ruddles
13th Mar 2018 15:37

Dolores?

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to Ruddles
13th Mar 2018 15:39

Not picky Ruddles. Simple standards.
There's never been so many aids, to ensure day to day basics. IMHO of course!

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By Ruddles
to Chris.Mann
13th Mar 2018 15:46

I openly admit to being rather rude/cheeky to those whose first language is not English.

However, making the rather bold assumption - based on the name - that the OP's first language is indeed English, I agree that there is no excuse. Apologies if the first language is in fact Welch, or Garlic, or Greeck, or ...

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13th Mar 2018 15:50

Ruddles, google 'em.

*warning*

Don't drink coffee at the same time.

Banner add on the facebook page is, well, you have to see it.

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to ireallyshouldknowthisbut
13th Mar 2018 15:57

Headless?

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By RedFive
to ireallyshouldknowthisbut
13th Mar 2018 16:12

That's perked my afternoon up no end

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By Ruddles
to ireallyshouldknowthisbut
13th Mar 2018 16:13

Already done that - I wish that I'd had the warning first.

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to ireallyshouldknowthisbut
13th Mar 2018 16:14

Gemma looks a sparky fun-loving accountant. Breaking the mould. Based near Chesterfield, you know . . .

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By Briar
13th Mar 2018 15:50

What sort of "dollors" are they? US, Canadian, Australian, Jamaican, New Zealand, Taiwanese, etc. Next question will be which conversion rate to use and at what date!!

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to Briar
13th Mar 2018 16:02

I got $10 out of a cash machine in Singapore once on a stop-over.

Then I realised that I'd no idea whether that was worth ten bob or ten grand.......

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By Ruddles
to lionofludesch
13th Mar 2018 16:12

It would be nice to think that I'd be able to draw £10k out of an ATM.

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to Ruddles
13th Mar 2018 18:19

Ruddles wrote:

It would be nice to think that I'd be able to draw £10k out of an ATM.

I used to have as a client a (relatively) well known music festival, I was essentially their in-house FC. On way to the festival (they paid me to be onsite for all those cash emergencies), I stopped at an ATM. I remember thinking “I know it says I can take £1.2m, but I bet it won’t have that in the machine”!

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to lionofludesch
13th Mar 2018 16:37

I remember as a raw junior getting a 7,000 lira difference on an inter co account. At about £3 it wasn't surprising the manager didn't care!

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to Vaughan Blake1
13th Mar 2018 16:44

Which begs the question - in which currency is it cheapest to become a millionaire ?

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By Ruddles
to lionofludesch
13th Mar 2018 17:02

The Iranian Rial is looking good - £19

(Unless you still have some old Turkish Lira, but you wouldn't be able to spend them - but who cares if you're stuck with 19p?)

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to lionofludesch
13th Mar 2018 16:46

lionofludesch wrote:

I got $10 out of a cash machine in Singapore once on a stop-over.

Then I realised that I'd no idea whether that was worth ten bob or ten grand.......

Funny, I did that in Singapore, but it turns out the machine had two digits covered on the right hand side and it was $10,000 not $100. It was about £3k at the time, and I then lost about 20% changing it from UK to Singpore dollars and back into ozzie dollars when I landed in Oz.

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to ireallyshouldknowthisbut
13th Mar 2018 16:56

Happily, that didn't happen to us. We just wanted a pot of tea while we were waiting for the next flight. Think I've still got the 60¢ change somewhere.

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13th Mar 2018 16:59

Loving this new rebranding of oldcodgersWEB

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13th Mar 2018 17:14

Woman comes on here to ask a question and like an episode of On The Buses contributors start saying “have you seen her?”. Jesus [***] Christ

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By Ruddles
to SpreadsheetUser
13th Mar 2018 17:25

I think you'll find that the comments were directed at the quality of the website/FB page. Still, never let the facts get in the way of a rant.

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to Ruddles
13th Mar 2018 17:51

Ach - it's not my style but, if it gets her business, that's grand. What's marketing about ?

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By Ruddles
to lionofludesch
13th Mar 2018 20:03

I wouldn’t disagree - I guess that it depends on the quality of your target market.

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to SpreadsheetUser
13th Mar 2018 18:41

Sorry you took that from my post, but to explain it was more the awkward banner photo that made me snort, plus the assorted claims which didn't exactly seem to be supported by the OP's post.

Back home in london overspill Essex our OP's style is unremarkable. Not all accountants look like Hector. That would be pretty dull. Indeed if your clients are local business such as the model noted in the opening question, it would be a positive advantage not to look like a stuffed shirt. I know when I started up in my late 20's I got a lot of work from the under 30's and plenty of young ones in their late teens as I didn't look like their dad. I rarely now take on anyone under 30, and my only teenager is a referral from their dad.

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to ireallyshouldknowthisbut
13th Mar 2018 18:44

ireallyshouldknowthisbut wrote:
Not all accountants look like Hector.

And why would they ?

Hector is not an accountant.

Hector is a taxman.

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to lionofludesch
13th Mar 2018 18:49

Tsk, OK "not all accountants look like Philip Hammond"

Will that do?

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to ireallyshouldknowthisbut
13th Mar 2018 18:53

Is he an accountant ?

He doesn't seem to know much about it.

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By Tornado
to lionofludesch
13th Mar 2018 20:31

He's not an Accountant, but he is a dab hand with spreadsheets.

Currently he is working on a little program to transfer information from a spreadsheet to MTD compliant software so that those who always did it manually and got it wrong will not mess up in the future. Such a thoughtful idea.

Great stuff Phil boy, but make sure you give it a good trial before letting it loose on the public to use.

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to ireallyshouldknowthisbut
13th Mar 2018 20:58

SpreadsheetUser probably would.

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14th Mar 2018 14:39

Is it Friday already?

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14th Mar 2018 15:05

Nice tattoos!

(I did abbreviate that last word initially, but then thought better of it.)

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