Some of my income comes from uploading my artwork to “Print on Demand” companies online.
Profits get paid once cleared in USD to my Paypal account
I then convert this money into GBP within Paypal.
Then withdraw the GBP from Paypal to my bank account .
Sorry if this sounds a bit naive, but my question is. Do I just enter the GBP value as earned income, or do I need to enter the USD and claim the conversion fees.
Many thanks for help
There’s no hard and fast rule here, but generally I would try to keep the transaction in it’s original currency so it can be easier to trace if required.
If you already have a GBP PayPal account, you would need to set up another one as each bank account can only support one currency. The switch from the USD to the GBP amount would then be tagged as a transfer between the two PayPal accounts, where it will prompt you for the GBP equivalent.
Does that make sense?
Thanks for the help.
I can accept GBP, USD and Euro into my Paypal account.
I normally convert with them before withdrawing it into my bank as the charges are lower.