Clarification currency exchange

mc25 Registered Posts: 232 Dedicated contributor 🦉
Hi all,

Just need to hear your views on this one, if a client buys goods from Eu and all along when they post them on their system they have always used the exchange rate provided by the bank for VAT purposes when they paid for the goods. The question is somebody else has started doing accounting work for them and have started using HMRC website for conversation and ignore the way it was previously done. Can you say this is ok or do we need to stick to the system which was in place before. If you have got any links on this where I can read this will be greatful.



  • Poodle
    Poodle Registered Posts: 711 Epic contributor 🐘
    Hi MC25

    If you are converting currency for VAT purposes then for VAT compliance you must use the published VAT rates available from the HMR&C website
  • mc25
    mc25 Registered Posts: 232 Dedicated contributor 🦉

    Poodle, Thanks for your reply.
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