I have a client who is a UK based company who reports in EUR (Group mandate). It also seems that EURO is their functional CCY. They also say they are trading in USD, GBP, CHF etc etc.
When it comes to the VAT return....what are the implications here. HMRC state VAT needs to be submitted in GBP with a audit tie back to each transaction showing the GBP value. Is this practise normal. Or, do all statutory items need to be dealt with in GBP?
Thanks in advance to anyone who can offer any advice.