Hi everyone.
I am new here so hello!
I have just created a new purchase in Polish currency and I noticed that the exchange rate is different than official HMRC exchange rate..
maybe I should calculate on my own and disable this in my account?
We pull in daily spot exchange rates from xe.com. There is no requirement to use HMRC’s own published rates, providing the rates you do use don’t diverge markedly from their own. Xe.com is a reputable rate provider so you shouldn’t have any problems there.
When you create your invoices you can also override the exchange rate that is automatically populated should you wish.
Thank you very much. I thought I have to use official gov rates.
Regards.
There’s some HMRC guidance on exchange rates here:
The exchange rates published on the HMRC website are London closing rates - that is to say, the average of the buying and selling prices for the currency on the London foreign exchange market at close of business on the relevant day.
The London closing rate is not an ‘official’ rate and businesses may use other exchange rates for tax purposes. There is more about this at BIM39515. Similarly, HMRC staff requiring spot rates may use interbank rates given by commercial web-sites, such as www.oanda.com$http://www.oanda.com.
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