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Payment received on paypal in USD currency

25/01/2018 15:48:53
Hello.
I received payment in 2016/2017 tax year to my paypal account from US company . Payment is still hold on paypal in USD currency and was not converted to GBP and transferred to my bank account in UK.
Do I have to pay tax on it for 2016/2017 or only when I decided to convert USD into GBP and transfer payment to bank account?
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Re:Payment received on paypal in USD currency

26/01/2018 09:51:22
Hi

The payment received from the US company in 2016/17 will be taxable in 2016/17. You can use the exchange rate at the time the payment was received or use the average rate for the year 2016/17.

Here is a link to HMRC exchange rates on our website which he can use.

https://www.gov.uk/government/collections/exchange-rates-for-customs-and-vat

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