I have 2 customers where, ironically, there is a contradiction of requirements from different government agencies.
1. Companies House stipulate their accounts must be in US Dollars
2. HMRC stipulate their MTD submission must be in GBP
Currently the Making Tax Digital External Tool does not handle any kind of currency conversion. The clients carry out a currency conversion in Excel and then submit using a MTD submission tool. With the forthcoming end to the soft landing on digital links (April 2021) this will no longer be an approved method.
While I appreciate Sage's advice that the dataset's currency must be in GBP, this advice is not compliant with the requirements of companies house (a UK government agency).
The change being requested is to provide a mechanism to convert the VAT submission of a foreign currency dataset (non GBP) to the sterling equivalent, so to enable a Sterling submission in order to be compliant with the UK government's requirements:
Refer to:
https://ask.sage.co.uk/scripts/ask.cfg/php.exe/enduser/std_adp.php?p_faqid=40638&p_pv=0
https://www.gov.uk/guidance/foreign-currency-transactions-vat-and-tour-operators
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