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Paid in Dollars – Tax Implications?

Home › Forums › General › Financial, Tax and Insurance › Paid in Dollars – Tax Implications?

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  • January 3, 2012 at 5:31 am #4777
    Scott
    Participant

    Ive been offered a job which is PAYE. But instead of being paid in pounds it day rate paid in dollars.

    Does this have any implications regards claims. I would have thought not as its still PAYE but unsure.

    Any help appreciated.

    1216

    January 3, 2012 at 12:46 pm #31942
    Ray Shields
    Participant

    Tax implications are the same if you are paid in pounds, dollars or buttons. If you are liable to pay tax then you are liable.

    Where you earn the money will change how much tax you have to pay, though. I would assume as you are being paid in (US?) dollars then the company that is paying you is outside of the UK, therefore it will depend on the tax agreement between the UK and the location of the company paying you.

    January 3, 2012 at 6:39 pm #31943
    luckyjim37
    Participant

    You may also find you get a CHAPS deduction by your bank if you are paid in a foreign currency. When I was paid in Euros this was five Pounds a transaction on my account.

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