Bank account abroad and bookkeeping

[aleksandra]

Hi! My name is aleksandra, and I'm new to this forum and I"m new in being self employed. My small business will sell stuff from Uk to other country. I've opened bank account over there, so customers can easily pay me in their own currency. But that's where my problem starts, how to correctly bookkeep it? If I withdraw money from foreign account evey week and pay it into my UK business account, shall I record exchange rate on that date, or the date customers paid money into my foreign account? Do I need to keep records of every sale (eg. receipt for customers) and foreign account bank statesment?
Thank You for every help. Sorry for any mistakes I made, English is not my first language. Have a good day!

[judith]

I guess you shoul keep records of when you exchange the money, as that is the real value you are getting. And yes you always always always should keep records of everysale , this way you can measure how many you made monthly and definetely bank statements will help you to keep track of everything and make your accounting system complete( you can save a record virtually , but always have a backup just in case something happens and you lose data) regards!

[aleksandra]

Thank You Judith!!!
Every post is very helpful to me.

[roversierr]

Hi
In terms of your income /expenditure I think HMRC will only be interested in the funds you actually receive into your U.K bank account, so it will be whatever exchange rate is used when the funds hit the U.K
That said, if you are now classed as a U.K citizen then I understand you are liable to U.K tax on your worldwide assets and income.

[aleksandra]

Hi
In terms of your income /expenditure I think HMRC will only be interested in the funds you actually receive into your U.K bank account, so it will be whatever exchange rate is used when the funds hit the U.K
That said, if you are now classed as a U.K citizen then I understand you are liable to U.K tax on your worldwide assets and income.

Thank You roversierr!!
I come from one of the EEU country and I've been in UK over 2 years, I live here with my family, so I'm classed as UK citizen.
Thanks for all your advice.
What about recepits? I'm not VAT registered yet, but do I have to send receipt to every customer and keep the copy for myself? If yes, shall I write there price in pounds or customer's currency? Thank You.