Importing in USD - Small Business Help Please

ShaunJUK

Hi and thanks for reading.
I am self employed and run a small business where I import stock bought in USD and sell in the UK in GBP. I am not VAT registered.
I have always been left scratching my head as to the value of my stock as every time I buy it is of a different value due to exchange rates.
How do I calculate the value of my stock ongoing on my accounts, especially at the end of the year when it comes to completing my Self Assessment.
I hope this makes sense. I have tried not to over complicate it.
Thanks in advance.
Shaun

martindow

The price will go up and down with the exchange rate but this is really no different from buying in the UK where the supplier changes the price.
Say you buy 100 widgets at a time  Costs to your business each time you order are: 
The price paid to the supplier - get this as a GBP from your bank or card statement plus any extra bank fee.
Customs clearance, VAT and duty - get this from the invoice you pay to whoever performs customs clearance.
Any other fees directly relating to paying for or importing the widgets.
Add these together and divide by 100 to get the price per widget.
During the year you may have ordered several times.  When you look at your stock and see, say 157 unsold widgets, 100 came with the latest shipment (x Pounds per piece) and 57 remain for the previous one (y Pounds per piece).  So 100 times x plus 57 times y is the value for your stock check.