How to deal with exchange rates?
- OKE Club
- Apr 21, 2021
- 1 min read
As a part of your entrepreneurial journey you may receive some of your revenue in foreign currencies. Although it might not be likely in the early stages of your business, it may be a case when you expand into the foreign markets. Remember to contact your HMRC or/and a tax advisor regarding that as you might need to report your tax return in pound sterling or in local currency depending on the decision of specialists and constantly changing regulations.
In many cases, you would need to calculate the value of your revenue in foreign currency in its equivalent value in pounds. You might do it on a monthly basis or on an annual basis depending on the specific circumstances.
In order to check the monthly exchange rates visit:
In order to check the annual exchange rates visit:
As you can see, it is not that complicated. Don’t let the exchange rates taunt you and stop you from achieving your full potential!
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