Assuming the VAT is paid in Sterling (sadly my accountant is being a bit vague on this)?
If I say, invoiced for 5000E net (6000E gross), what conversation rate do I use to convert this to Sterling for VAT purposes for my VAT return? Thing is I've got two business accounts so after I receive the Euros it could sit in my Euro account for a while so I don't convert it immediately upon receipt.
I'm flat rate VAT registered which makes it slightly easier but, I still need to know the sterling equivalent total of my invoice, dont I? Is there, for example, an official rate to use on 30th June or something? (and other months)
This time I provided copy of invoice (in euros), copy of bank statement showing it being converted to sterling account on same day. Total sales listed is a bit different to what I actually recieved when I converted it which makes me think an official rate for 30th June was used? Strange thing is though Net VAT isnt quite 13.5% of this total listed either. Not far out but its xx.33 when I calculate it as xx.86?
Yes, I know I'm anal but its MY vat return and I want to understand how it works and not take the accountants word for it.
If I say, invoiced for 5000E net (6000E gross), what conversation rate do I use to convert this to Sterling for VAT purposes for my VAT return? Thing is I've got two business accounts so after I receive the Euros it could sit in my Euro account for a while so I don't convert it immediately upon receipt.
I'm flat rate VAT registered which makes it slightly easier but, I still need to know the sterling equivalent total of my invoice, dont I? Is there, for example, an official rate to use on 30th June or something? (and other months)
This time I provided copy of invoice (in euros), copy of bank statement showing it being converted to sterling account on same day. Total sales listed is a bit different to what I actually recieved when I converted it which makes me think an official rate for 30th June was used? Strange thing is though Net VAT isnt quite 13.5% of this total listed either. Not far out but its xx.33 when I calculate it as xx.86?
Yes, I know I'm anal but its MY vat return and I want to understand how it works and not take the accountants word for it.
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