Tax question - foreign currency earnings

I'm self-employed and receive a monthly cheque in U.S. dollars from an overseas client. I'm in the process of setting up a U.S. dollar account with my bank as I want to hold some of these dollars.

My question is, when it comes to self-assessment, do I use the exchange rate on the date the cheque is received -- or wait until the time I'm making the return? Just wondered whether anybody else has experience with this...

Thanks for any advice you can give.

You'd use the exchange rate at the time you receive the money, not the return date. Note that you may have a capital gain/loss on the exchange rate depending on what the rate is when you get the money and when you covert US$ to €.

Sprite

Thanks for the response, Sprite. That helps!