Just evaluating some pricing options at the moment. We are going to be based in the UK and to provide some online service. We want to set the prices in USD not in the local currency (British Pound). This is important to us as 70% of our sales are going to be out of the UK.
Is this possible to do so? What is the legislative act of the UK regarding this issue?
You can set the price in whatever currency you like. There is no specific legislation covering this. Your accounts will obviously need to be filed in pounds.
The only other point to be aware of is your exposure to exchange rate gains /losses.
I have assumed that you are not VAT registered.
Advice given is for illustration purposes only and should not be relied upon for your tax planning or tax affairs. We recommend that you seek the advice of a suitably qualified accountant before making any tax planning decisions.