Currency Support — Accounts Must Be Filed in Sterling (GBP)

TinyTax only supports accounts and tax returns filed in sterling (£ GBP). This is the standard requirement for UK companies filing with Companies House and HMRC.

Why GBP Only?

UK companies registered at Companies House must generally prepare and file their statutory accounts in sterling under the Companies Act 2006 and UK GAAP (FRS 102/FRS 105). This applies regardless of:

• Where the company operates
• The nationality or residence of its directors or shareholders
• The currency in which the company conducts its business

What If My Company Operates in a Foreign Currency?

If your company's transactions are primarily in a non-GBP currency, your accountant may advise that your functional currency is not sterling. In this case:

• You can still prepare your management accounts in the foreign currency internally
• For your statutory accounts filed with Companies House, you would typically need to translate figures into GBP using an appropriate exchange rate
• This translation is handled by your accountant or accounting software before entering figures into TinyTax

Filing Accounts With TinyTax

When you enter figures into TinyTax, all monetary amounts are treated as GBP. There is no option to select a different currency.

If your accounts need to be translated from EUR or another currency before filing, complete the translation first, then enter the GBP-equivalent figures into TinyTax.

Common Questions

My company operates entirely outside the UK — do I still need to file in GBP?

Yes, if you are registered at Companies House. UK-registered companies must file statutory accounts with Companies House regardless of where they operate. These accounts must be in sterling (or the approved functional currency if elected and approved).

Can I use TinyTax if my accounts are in EUR?

Not directly. You would need to convert your figures to GBP first, then enter the GBP-equivalent amounts into TinyTax. Your accountant can advise on the appropriate exchange rate to use.

Should I consult an accountant about my functional currency?

If your company genuinely operates in a foreign currency and you are unsure about the currency translation requirements, we recommend consulting an accountant who specialises in UK statutory accounts.