I'm guessing your bank converted the money from dollars to pounds? If so, you probably lost some of that money to the bank during conversion. Maybe there even was some sort of foreign transaction fee? Possible there even could be an additional tax I don't know about since you were "making money in another country." Theoretically your bank should provide you with some of that info.
You probably lose a greater percent of your money when your bank converts small amounts of money compared to larger amounts. It seems like some people prefer to keep their money in an account that does not convert it away from dollars, so they can convert larger lump sums all at once when they find good conversion rates with lower bank fees. If your bank is converting the smaller monthly deposits of $100-$200, that's probably not ideal.
It's a pretty common misconception for people not to think they should file taxes because they didn't make enough money. The reality is though that people pay taxes every single time they get a paycheck, because the money is automatically deducted from their pay. If you don't earn enough money to pay taxes, then you ABSOLUTELY should file for taxes, so you can get back all the money you paid throughout the year back on your tax return. Unfortunately many people don't realize this, because nobody ever teaches them. I learned it from reading on the internet. This stuff should be mandatory teaching for seniors in high school though in my opinion.
You probably lose a greater percent of your money when your bank converts small amounts of money compared to larger amounts. It seems like some people prefer to keep their money in an account that does not convert it away from dollars, so they can convert larger lump sums all at once when they find good conversion rates with lower bank fees. If your bank is converting the smaller monthly deposits of $100-$200, that's probably not ideal.
It's a pretty common misconception for people not to think they should file taxes because they didn't make enough money. The reality is though that people pay taxes every single time they get a paycheck, because the money is automatically deducted from their pay. If you don't earn enough money to pay taxes, then you ABSOLUTELY should file for taxes, so you can get back all the money you paid throughout the year back on your tax return. Unfortunately many people don't realize this, because nobody ever teaches them. I learned it from reading on the internet. This stuff should be mandatory teaching for seniors in high school though in my opinion.