Converting USD Payouts to Pounds for HMRC

Prop firms pay in US dollars, but your tax return is in pounds. You need a reasonable, consistent way to convert.

Two common approaches

• Use the sterling amount actually received in your bank or Wise account.
• Use HMRC’s published monthly exchange rates for each transaction.

Be consistent

Choose a method and use it for all payouts and fees in the year. Switching methods to lower your bill can draw questions.

Keep evidence

Keep statements showing the USD amount, the date and the sterling amount. For crypto payouts, record the sterling value when you receive the crypto.

Not tax advice

This is general information for UK traders for the 2026/27 tax year. Rules change and your circumstances matter, so check GOV.UK or speak to an accountant. See prop firm tax in the UK.

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