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Posted Tue, 30 Jan 2024 21:34:12 GMT by
Hello, i have wise account and i get usd invoice and gpb invoce from different suppliers. I use turkish lira and sometimes different currency accounts to pay invoices. First i pay usd invoice or gpb invoice with turkish lira and wise automatically converts the turkish lira to dollar or gbp with daily exchange rate. After paying invoice my accounting program automatically converts turkish lira amount i paid to gbp in order to record transaction and all my balance sheet and trial balance recorded as gbp. Can i use HMRC account filing software or do i have to use third party softwares for it.
Posted Thu, 01 Feb 2024 16:38:47 GMT by HMRC Admin 2 Response
Hi,

You have a choice in how you calculate the exchange rate.

Under the terms of Self Assessment, we do not provide an official exchange rate and the responsibility is on the individual to use a just and reasonable exchange rate for each acquisition and disposal. 

Thank you.
Posted Fri, 02 Feb 2024 09:18:16 GMT by
So can i use online filling for ct600 because there is a restriction says that you can't use online filling service if you are making foreign currency transactions.
Posted Tue, 06 Feb 2024 08:58:05 GMT by HMRC Admin 8 Response
Hi,
As you are unable to use the HMRC free online filing service, you will either need to purchase software that you can use to do this, or engage the services of a 3rd party to do the submission on your behalf.
Thankyou.

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