Hope someone can help
I have a young gentleman who lives and works from home in the UK and has just started working for an American games company.
They have asked that he be self employed and bill them the hours he works. They then pay him in US$ which is then converted into GBP when paid into his paypal account. As far as I know they are not deducting any US tax.
My questions are - if anyone can help:
Is he ok to register as self employed with just that one client?
Is this considered Foreign income and treated differently on the self assesment?
Does he record the converted sterling amount on that given day as the income or should he be using some other exchange rate?
I have read that paypal exchange rates are very poor - so perhaps change this to another method of receipt