AdamfromWales

Hi all, this has been touched on over the years, but with anything tax related, I thought it may be a great opportunity to start a fresh thread.

I run a small business here in the UK. I plan to retain UK clients whilst also seeking further business in Canada once I arrive under PR. I know that there are a number of people on the forum who do the same, so would be great to hear how you operate effectively.

I think I have the jist of what I need to do, unless there has been any changes.
1.) Business will be relocated to Canada, as of start of April, UK taxes will be completed for the year 2020-21 and they will be notified that I along with my little business will be moving abroad.
2.) From there on, all invoices will be from the Canada location with me as a Canadian resident. I submit a tax return in Canada.
3.) I invoice from my Canadian address to my UK clients, just like I would for my Canadian clients.

The issue I can foresee is how I actually price the work, (GBP/CAD?) and how to then receive the money and accruately file taking on board the exchange rate.

I can't get how I would account for the invoice on the return. Is it based on the exchange rate upon invoicing? And what happens if the exchange changes prior to payment?
How does everyone manage the payments and where it goes to?
I have noticed that Transferwise do an international business account. Has anyone used this before?
Does anyone still have the money paid into a UK bank account?
What are the issues with this and how to you manage the exchange rate when filing?

Please correct me if any of the above is incorrect.

Thanks,
Adam