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Previously on "Contracting with US company paid in dollars / VAT?"
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Also keep in mind that Wise accounts (and I think the same goes for revolut) are not protected by the Financial Services Compensation Scheme(FSCS) so best not too keep too large sums of money in there, in case Wise goes tits up
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I have both Wise (for Euro and dollars) and it is connected to freeagent, sometimes freeagent screws up the currency conversion cost, you have to watch it very closely.
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Personally, I would avoid Revolut. I've had a bad experience with them and I know others here who have had bad experiences. Stick with Wise, IMHO - never heard of a bad experience with them.
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I have used Revolut for business successfully the last year receiving foreign currency and linked it all into Freeagent.
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What James said - and I agree with you about TransferWise/Wise.
I've done it for a few years on and off, and it really is very little drama. FreeAgent handles it well, TransferWise makes things simple for everybody as you can simply invoice in USD, and they can pay in USD and everything ties up.
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FreeAgent handles multi-currency invoicing and payments seamlessly, so don't worry about it, just indicate the invoice date, currency, and amount. Currency gains/losses are computed automagically.
Regarding VAT, unless this is a UK supply based on the VAT place of supply rules (it almost certainly isn't), then simply indicate that the services are "outside of the scope of UK VAT" on the invoice (no VAT number). Oh, and outside of the scope of VAT means no VAT charged.
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Contracting with US company paid in dollars / VAT?
Just did some searching and it seems Transferwise is good for receiving dollars, which I'll need to do.
What about the reconciliation into Freeagent, and VAT? I just want to be careful here as I'm not charging VAT so would I have to deduct that from my total gross rather than charge it separately and add it on my invoice as usual....
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