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What exchange rate do I use for cash purchases made abroad?

Occasionally, you may find yourself outside of United Kingdom on business. While abroad, you might need to make some business purchases. This can cause a few issues could be problematic, such as how you deal with foreign currency transactions.

Our advice would be for you to use the exchange rate that was valid on the day you purchased the business goods and the expense was incurred. The best way to do this would be to use a site such as X-Rates.com.

You can enter the date of the expense and it will show you the exchange rate for that particular day. After you have done this, we’d advise printing a copy of the calculation and attach it to your expense receipts, ready to be filed for your records.

 
Last Updated: 01 Aug 2017 08:48AM BST
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