We import goods from the EU, Switzerland and the US.
Each month we update the exchange rates on our ERP system (SAP) for the following month based on the HMRC Exchange rates.
However in recent months I have noticed that the HMRC rates are not always an accurate reflection of the true rate meaning large forex gains and losses when I revalue the currency accounts at the month end rate.
Question is do we need to use the HMRC exchange rates because of Customs and VAT records or can we use a commercial rate (for example from Oanda).
I spoke to HMRC and they basically suggested we could do what we want but they only recommend using the monthly HMRC rate.