UK-resident, contract in Euros

[Sabrina]

Hello,

I am a UK-resident (so I must pay my tax in the UK).
I am going to do contracting work in the UK for a
company based in Italy which I will bill in euros and
which will pay me in euros.

I want to minimize the amount of paper work so I am
looking for a PAYE umbrella which can allow me to bill
in euros and be paid in euros: does someone know which
PAYE umbrella companies can offer this possibility ?

If no such company exists what are my other options,
as a UK-based contractor, to be able to bill in euros
and be paid in euros ?

Many thanks in advance !

[YHB]

Hello,

I am a UK-resident (so I must pay my tax in the UK).
I am going to do contracting work in the UK for a
company based in Italy which I will bill in euros and
which will pay me in euros.

I want to minimize the amount of paper work so I am
looking for a PAYE umbrella which can allow me to bill
in euros and be paid in euros: does someone know which
PAYE umbrella companies can offer this possibility ?

If no such company exists what are my other options,
as a UK-based contractor, to be able to bill in euros
and be paid in euros ?

Many thanks in advance !

open a Euro account in Uk? Then find a Uk based money transfer company to change to pounds.

If you get paid by Euro into a UK account your UK bank will have a field day with stupid conversion rate + fees.

[Sabrina]

Hi YHB,

Thank you for your answer, I will definitely open a euro account in the UK indeed.
But my concern is billing in euros. I don't know of any Umbrella PAYE companies that allow that, do you know any ?
If I cannot find an Umbrella PAYE company that can handle the billing/payment in euros, what do you think are the other easy options ?

[YHB]

Hi YHB,

Thank you for your answer, I will definitely open a euro account in the UK indeed.
But my concern is billing in euros. I don't know of any Umbrella PAYE companies that allow that, do you know any ?
If I cannot find an Umbrella PAYE company that can handle the billing/payment in euros, what do you think are the other easy options ?

speak to your accountant, I would just invoice the client in euros from the Ltd company (add on VAT), give the relevant bank details for them to pay into and continue as normal.

[Manic]

speak to your accountant, I would just invoice the client in euros from the Ltd company (add on VAT), give the relevant bank details for them to pay into and continue as normal.

Yup not forgetting to make a note of the ex rate at time of invoice and ensure difference at time of payment is reflected in proper P+L.

[expat]

open a Euro account in Uk? Then find a Uk based money transfer company to change to pounds.

If you get paid by Euro into a UK account your UK bank will have a field day with stupid conversion rate + fees.

It's not that bad, I just do it that way. I did the calculation and would save about 8.00 a month if I had a euro account. You will finally have to convert anyway, and you'll have to do your accounting in euros because HMRC chickened out of the obvious proposal to allow British companies that work in EU to invoice and account in Euros.

[expat]

Yup not forgetting to make a note of the ex rate at time of invoice and ensure difference at time of payment is reflected in proper P+L.

Your invoice should show GBP also, with the exchange rate at the time. You will then take the client's euros as being payment for that number of pounds!

[Manic]

Your invoice should show GBP also, with the exchange rate at the time. You will then take the client's euros as being payment for that number of pounds!

Very true, as subject to VAT. Mine are in US$.

[Ravello]

I don't think the OP runs a Ltd., and is therefore asking for recommendations on Euro-friendly umbrellas..

[Sabrina]

I don't think the OP runs a Ltd., and is therefore asking for recommendations on Euro-friendly umbrellas..

Hi all, thanks a lot for your messages, really interesting but all assuming the case of using an Ltd. As Ravello mentioned I would like to know if there are any "Euro-friendly umbrellas" (PAYE) as I'm afraid of all the paper work / tax complications with an Ltd...

Do any of you know one or more "Euro-friendly umbrellas" ?