Calculate tax based on USD to GBP? - AccountingWEB
...Paid USD into transferwise -> Transferwise USD to local UK bank account -> funds arrive within a few hours/days and are automatically converted to GBP, less any charges -> pay tax to HMRC based on those GBP funds. Is this a legitimate and allowed way of calculating tax on profit for 19-20 self assessment tax return? Thank you....
https://www.accountingweb.co.uk/any-answers/calculate-tax-based-on-usd-to-gbp
How do AP process a USD invoice with GBP VAT - AccountingWEB
...We have a UK company who invoice in USD and charge 20% VAT GBP. How do Account payable process this as they are unable to process with two currencies....
https://www.accountingweb.co.uk/any-answers/how-do-ap-process-a-usd-invoice-with-gbp-vat
UK company invoicing another UK company in USD - AccountingWEB
...USD OK but must show GBP It is perfectly in order to invoice in any currency agreeable to both parties. This is often the case when dealing with multinational companies who trade in currency with their group partners. However as already stated you must ALSO show the GBP value of the VAT, calculated at either the rate published by HMRC or a daily rate from a reliable source. The CUSTOMER must ......
https://www.accountingweb.co.uk/any-answers/uk-company-invoicing-another-uk-company-in-usd
US DOLLAR INVOICE CHARGED UK VAT - AccountingWEB
...We are a UK Business and deal with another UK business who has just invoiced us in US Dollars, and charged us VAT. Just wanted clarification if this is correct? I thought that an invoice which was subject to UK VAT needed to be in GBP so we both had the same exchange rate ......
https://www.accountingweb.co.uk/any-answers/us-dollar-invoice-charged-uk-vat
HMRC exchange rates USD to GBP - AccountingWEB
...HMRC exchange rates USD to GBP Different exchange rates hi, I have a list of 20 payments inside an excel spreadsheet. these payments are in USD. i want to conver them to GBP to put them on self assessment tax form. i am working with 2 different exchange rates ... 1. bank of england 2. hmrc spot rates....
https://www.accountingweb.co.uk/any-answers/hmrc-exchange-rates-usd-to-gbp
Functional currency USD & VAT MTD compliance - AccountingWEB
...Functional currency USD & VAT MTD compliance Software to use or other solution One of my clients is switching their functional from GBP to USD from the start of next financial year. This is because their income is all going to be denominated in USD (it is the primary indicator of functional currency), and they also raise money in USD....
https://www.accountingweb.co.uk/any-answers/functional-currency-usd-vat-mtd-compliance
VAT on Foreign Currency Invoices within the UK - AccountingWEB
...A client receives and pays invoices in various currencies from suppliers within the UK....
https://www.accountingweb.co.uk/any-answers/vat-on-foreign-currency-invoices-within-the-uk
Accounts and bookkeeping in USD - Filing VAT issue
...Does your potential client report management information in USD regularly or just at year end? You don't mention what system your client currently uses, but QBO, Xero, Sage etc all have the ability to transact in USD and convert to GBP....
https://www.accountingweb.co.uk/any-answers/accounts-and-bookkeeping-in-usd-filing-vat-issue
Revaluation - AccountingWEB
...Revaluation Hello. I have a question on intercompany loan revaluation please. Say parent gives sub 10mill USD loan. Sub functional currency is GBP. Sub journal entries dr bank and credit intercompany loan payable. At each month end is it the loan payable that is devalued? Because the amount in the bank is a foreign currency to be revalued also ?...
https://www.accountingweb.co.uk/any-answers/revaluation-0
Capital gains tax on overseas shares & loan - AccountingWEB
...My concern is that he would be liable for capital gains tax on any perceived fx gain on the shares due to HMRC requiring overseas share purchases/disposals to be converted back to GBP for tax purposes. (He wont actually receive any fx gain himself due to taking the USD loan out and buying the shares using the loaned USD)....
https://www.accountingweb.co.uk/any-answers/capital-gains-tax-on-overseas-shares-loan