Taxes for UK Sellers

[tobiandre]

I'm wondering if any UK sellers can offer some advice on bookkeeping and self assessment tax returns for Fiverr.

Up until now, I've been considering my income taxable from the point of withdrawing it to my bank account (so ignoring the exchange rates and transaction fees), but upon digging through some forum posts, it sounds like earnings could be taxable as soon as they've cleared, which means I'd have to account for exchange rates and all the fees as expenses in my records.

It'd be great if you could offer some examples of how you handle things and what would be the right approach.

Tobi