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Posted Wed, 15 May 2024 22:17:42 GMT by Tommaso Madonia
Hello, I'm a freelancer/sole trader currently working for a EU based company and I get paid weekly in pounds. Every week I receive £12 less than I invoiced and my client claims this is due to some bank transfer fees. They are now asking me to invoice for £12 more to account for the difference. In my books, should I consider these bank fees as expenses even if it's not my bank charging these fees? I have no proof that the a bank is charging these fees and the client is not just sending less than it's due. Thank you!
Posted Mon, 20 May 2024 10:57:56 GMT by HMRC Admin 10
Hi
No.  If your client pays you £12 per week more, this is considered part of your turnover and should be declared as such.  There is no tax relief available for costs incurred in converting to pounds sterling.

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