Prolific earnings in dollars

Slinky

I've asked this on the Prolific thread elsewhere but didn't get a definitive answer I'd be certain to go with.

You can earn money doing surveys on Prolific in sterling and dollars. Dollar amounts are withdrawn to Paypal, who then convert when paying into a sterling account (with a poor rate).

Prolific report earnings to HMRC by calendar year, at the end of January, according to their website. 

Would money earned in dollars count as Foreigh Income as far as a Tax Return is concerned, even though it's received in sterling? This is for work done in the UK.

Brie

If it's earned outside the UK then it's foreign.  Same as any work one might do here that is paid elsewhere by an employer.  Or in my case a foreign pension which they send to me in GBP.  Doesn't matter who converts it in my opinion.

Slinky

Brie said:

If it's earned outside the UK then it's foreign.  Same as any work one might do here that is paid elsewhere by an employer.  Or in my case a foreign pension which they send to me in GBP.  Doesn't matter who converts it in my opinion.

But it's not earned outside the UK. I'm sitting in the UK being paid a mixture of sterling or dollars depending on the study. Some of the studies are for overseas universities for example, some of those pay in sterling, others in dollars.

Prolific is headquartered in London but has offices in the US.

monkey-fingers

As an aside, get yourself a free Revolut account (or Monzo). Their rates are far superior to anything PayPal will offer. Get PayPal to pay you in dollar (it's a setting).

wmb194

Slinky said:

Brie said:

If it's earned outside the UK then it's foreign.  Same as any work one might do here that is paid elsewhere by an employer.  Or in my case a foreign pension which they send to me in GBP.  Doesn't matter who converts it in my opinion.

But it's not earned outside the UK. I'm sitting in the UK being paid a mixture of sterling or dollars depending on the study. Some of the studies are for overseas universities for example, some of those pay in sterling, others in dollars.

Prolific is headquartered in London but has offices in the US.

If you’re doing surveys for the UK entity I’d declare it as UK ‘other income.’ 

You can be paid in foreign currency and still have it classed as UK income. For instance a number of British companies pay their dividends in euros and dollars but for the tax return you class them as UK dividends and convert the foreign currency payments into sterling at the prevailing rate at the time of payment.

silvercar

monkey-fingers said:

As an aside, get yourself a free Revolut account (or Monzo). Their rates are far superior to anything PayPal will offer. Get PayPal to pay you in dollar (it's a setting).

PayPal won’t do that. You can use the dollars to buy things priced in dollars, but it won’t allow transfer to other dollar accounts, without converting to sterling first. It’s a pain

monkey-fingers

silvercar said:

monkey-fingers said:

As an aside, get yourself a free Revolut account (or Monzo). Their rates are far superior to anything PayPal will offer. Get PayPal to pay you in dollar (it's a setting).

PayPal won’t do that. You can use the dollars to buy things priced in dollars, but it won’t allow transfer to other dollar accounts, without converting to sterling first. It’s a pain

Not true. You need to set it up to receive other currencies.

Click on "More Actions" and "Add Currency"
Then make Dollars primary currency and link it to your Monzo or Revolut.