Irish VAT Return with Stirling Values

Irish VAT Return with Stirling Values

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Hi

I have a client who has a contract in Ireland and due to the nature of the work has to be VAT registered in Ireland.  The invoices have been provided by the client in sterling and paid by the customer in sterling.

Which is the best way to do the Irish VAT return.  

The amount of VAT my client will have to send of it the 23% (Irish VAT ) that he has charged.

Is it best to add them all up and convert the sterling amount on the last day of which the vat return goes to, then put the Irish amount on the Irish vat return, then the amount that goes out of my clients bank is the sterling amount which reflects the correct amount of VAT (give or take a small amount for exchange rate and transaction fee due to being different currency payment)

I had done one incorrectly as I had put the sterling amount on the Irish VAT return, so a smaller amount came of of the bank account, which is obviously wrong and doesn't match the info on the accounts.

Thanks in advance for the clarification or opinion

Replies (4)

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By Democratus
10th Sep 2014 12:11

No....If the supplier has converted...

If the supplier has converted from Euro to STG there should be the specific rate that the invoice was converted at quoted on the Invoice. Merely convert back to Euro and claim that sum.  Note, your client may need a bank account in ROI to speedup any claim receipt, not necessary just quicker.

 

P.S it's Sterling.

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By mdcallen
10th Sep 2014 13:57

hmrc rates

I use the HMRC official monthly exchange rate.

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By Cardigan
10th Sep 2014 22:56

Irish Revenue FX rates
Use the Irish Revenue exchange rates here: http://www.revenue.ie/en/customs/businesses/importing/exchange-rates/

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By shaun king
10th Sep 2014 23:08

It should be in Euro

Your client has to Invoice in Euro although he can show the Sterling value on the invoice. If he hasn't invoiced in Euro the customer, assuming he is registered for Irish VAT, will not be able to claim anything. If the customer is not VAT registered in Ireland the use the Irish Exchange rates.

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