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I am working with VAT for the first time. My client must have the Reporting currency for his companies in USD, but he needs to have the VAT reports printing in pounds. I don't know if there is a setup I missed, but is this possible where the reporting currency is pounds?
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Hi Paula,
The answer is yes and no and it depends!!
In the UK, the HMRC publishes rates that are to be used on a monthly basis to translate amounts back to GBP for VAT purposes. So, if your UK company is denominated in USD and you have Vatable transactions - regardless of the rate that you might use to translate internally- the HMRC require you to use their rate for VAT purposes. Each company is different and it depends on exactly what you are doing.
If you want to take this off line - drop me a message and we can talk. Generally you need to discuss 'private' matters in order to get to the bottom of how to transact for VAT - so usually not something you want in an open forum.
I would also advise getting professional VAT advice from the company's auditor in the UK. It wold be preferable to have the protection of following the advice of an external expert .
Ian.
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