Ladies and Gents,
A client of ours, in the USA, has asked if he can pay his quarterly bill into our PayPal account. Being a total Bafoon on this issue I ask if anyone can advise or guide us.
Our PP account is registered to our French email address and is settled automatically each month from our UK Barclaycard. Our business has a CA account which all other client accounts are paid to. This account also pays all business taxes etc and is, obviously, in euros.
Do we bill, as we do currently, the client in euros and he pays in euros or do we have to bill him in US dollars? Additionally, can we withdraw the money into our CA account?
Thanks in advance.
Ladies and Gents,
We have a Paypal account for our B&B business, and it is connected to the business Visa card/bank account and the business email address. It's not different from a private Paypal account, actually. Of course, our accountant needs the reports from Paypal (fees are deductible) and, as Pauline Ann Smith mentioned, it must be declared as a foreign bank account (download link: cerfa 3916).
We always bill in euros, the conversion cost is with the customer.
Just to add that if you start using your PayPal account for for your business, you need to declare it as an overseas bank account when you submit your annual income declaration to the French tax office (PayPal is based in Luxembourg).
You are very welcome. I think I covered most bases but if you think of anything else obviously just yell.
Let us know how you get on.
Thank you for your response. Deep breath and we will give it a go.
Hi Martin, you can bill the client in whichever currency is easiest for you/him. If in dollars, Paypal will give you the option to convert the amount into euros. You will pay the small conversion/use of Paypal fee (can't remember the percentage). You can link your CA account to Paypal and make free (if it's French Paypal) transfers into your CA account which are usually effected within about 3 days.