Hi,
I have just landed a contract to license some software I have written, with a company based in the US. I have taken the appropriate step of setting up a limited company and now require to choose a suitable business bank account to collect the licensing fees, which will be exclusively in USD (and there is no negotiation over being paid in any other currency).
The income from this software is unlikely to be particularly large (i.e sub £100k in total) and will be paid monthly by bank transfer based on sales of the product which includes my work.
I presume if I just open a GPB business account with a high street bank I will be killed on fees / exchange rate on these regular transfers.
Which accounts would posters recommend I look at?
And how does having all the money paid in USD effect my tax situation?
I have just landed a contract to license some software I have written, with a company based in the US. I have taken the appropriate step of setting up a limited company and now require to choose a suitable business bank account to collect the licensing fees, which will be exclusively in USD (and there is no negotiation over being paid in any other currency).
The income from this software is unlikely to be particularly large (i.e sub £100k in total) and will be paid monthly by bank transfer based on sales of the product which includes my work.
I presume if I just open a GPB business account with a high street bank I will be killed on fees / exchange rate on these regular transfers.
Which accounts would posters recommend I look at?
And how does having all the money paid in USD effect my tax situation?
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