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Post Info TOPIC: Foreign Bank accounts
QBE Book-Keeping


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Foreign Bank accounts
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I have a new client who has a Euro account.

I have a couple of questions that need clarifying.

1) In order to convert the Euros to Sterling do I just use the rates on the HMRC website.

2) Can my client claim bank charges in Euros? I'm assuming so as it is a business acount.

3) My client did some training in Holland for which she took out a student loan. Again, is this an acceptable allowable expense?



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Rob Wilde
Dalbir


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(1) Yep, easier to use rates of exchange published monthly from HMRC website as a source to translate euros to GBP

(2) Yes

(3)a loans cannot be expensed unless lucky enough for lendor to write off or write down the loan, then exceptional item in P&L.

(3)b cost of training. Training is a funny one. In summary, if profession related training was done pre-profession; then cannot claim. If during trade (eg: profesional development), then yes can claim.


There are companies out there with specific technical skills that accountancy and bookkeeping practices use, where there are internal knowledge gaps.


ps: this is not advise but a discussion, so I or my related parties are not liable for my response to your questions.

Dalbir

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