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Hi Alan, a client company operates a sterling bank account solely for it's trading UK customers suppliers. The transactions throughout the year are converted to euros using the exchange rate at the date of payment/receipt and reflected in the accounts at that amount. The balance at year end is converted to euros at the exchange rate at the year end date. As the sterling euro rate was relatively stable up to 2016 there were no great currency variations over the last few years. However in 2016 there was a currency variation of circa €40k. Is this an allowable expense,

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Asked on 4 May 2017 11:10 am