Clarification currency exchange

mc25

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.

Thanks

Poodle

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

thanks

Poodle, Thanks for your reply.