SMALLER companies which trade occasionally in mainland Europe and Eire are being warned that they will have to pay their bills in euros from January 1 next year.
The Association of Chartered Certified Accountants is pointing out that whatever the outcome of any debates or the timing of a referendum, local currencies will cease to be legal tender in Euro Zone countries.
Chas Roy-Chowdhury, Head of Taxation at ACCA, said: "Many businesses which only occasionally trade with organisations in the Euro Zone may be under the illusion that they do not have to consider the Euro until a decision comes from any referendum which takes place in the UK.
"But, whatever their views are on the single currency, they must ensure they are ready to charge for -- and pay for -- work in euros."
He added: "They should also consider issues like contracting for work, which will involve costings in euros, so that potential customers can easily compare them against competitors from the Euro Zone on a like-for-like basis.
"Failure to be prepared could be very costly."
The 12 countries currently in the Euro Zone are: Austria, Belgium, Eire, Finland, France, Germany, Greece, Italy, Luxembourg, The Netherlands, Portugal and Spain.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article