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Post by mangetout on Feb 25, 2023 16:56:49 GMT 1
Has anyone got a handle on the avg exchange rate for 2022. Just starting to prepare accounts for the tax office.
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Post by ajm on Feb 25, 2023 17:15:08 GMT 1
Our accountant has used €1=88.69p
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suein56
Member
Southern Morbihan 56 Brittany
Posts: 7,492
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Post by suein56 on Feb 26, 2023 12:35:13 GMT 1
Isn't the rate based on whatever you can personally justify as there is no issued fixed rate.
Using the averaging method the ECB gives .. €1=86.41 or £1=€1.1581
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Post by spud2 on Apr 15, 2023 8:48:59 GMT 1
I use the average for Jan to Dec 2022 which the ECB shows as 0.85276 or 1 GBP = 1.1727 EUR See right hand side: 
Source:https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-gbp.en.html |
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Aardvark
Non-gamer
Living in soggy 22 and still wondering what's going on.
Posts: 2,172
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Post by Aardvark on Apr 15, 2023 10:54:02 GMT 1
I use the rate given on the date I received the pension in my UK account, not an average over the year. If I can get a RDV with someone at the tax office to help fill out the form.
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Post by jardiniere on Apr 15, 2023 11:03:46 GMT 1
Oh no! Can it really be that time of the year again? I use the rate given on the date I received the pension in my UK account Doesn't that mean even more hassle? |
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suein56
Member
Southern Morbihan 56 Brittany
Posts: 7,492
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Post by suein56 on Apr 15, 2023 11:18:14 GMT 1
Oh no! Can it really be that time of the year again? I use the rate given on the date I received the pension in my UK account No, not really if you use the site spud2 mentioned (I do too) as the graph shown is for each working day of the year so it is simple to hover your cursor over the date you need and note the exchange rate for that day.
I did a test one year - I compared using the average as provided by the ECB data with the daily rate by the method above for each of our payments into our UK accounts. As both of us have quite a few entries each month it took me ages but the results compared to within a couple of € over the year so I went back to using the average rate.
As long as you could justify your chosen rate if asked then use whichever method is easier for you.
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Post by pcpa on Apr 15, 2023 11:38:09 GMT 1
Use whatever rate you choose, even your own best guess, you declare the sum in Euros and not which rate was used for the conversion, were your affairs ever scrutinised and it noticed it would simply be adjusted to a figure of ther choosing or their best guess.
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Aardvark
Non-gamer
Living in soggy 22 and still wondering what's going on.
Posts: 2,172
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Post by Aardvark on Apr 16, 2023 12:28:48 GMT 1
Oh no! Can it really be that time of the year again? I use the rate given on the date I received the pension in my UK account Doesn't that mean even more hassle? Not a lot of hassle for me to look up the exchange rate every four weeks and write it down. In fact its exponentially more hassle filling out the online tax form. |
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Post by beejay on Apr 16, 2023 12:36:59 GMT 1
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Post by jardiniere on Apr 16, 2023 17:30:25 GMT 1
Not a lot of hassle for me to look up the exchange rate every four weeks and write it down. For someone who is trying to minimise 'things to do', that would be 13 times more work than necessary if I just calculated once when filling in the tax form. Plus one more thing to remember each month and then the possibility of forgetting where I noted it. So, all in all hassle for me but not for you. C'est comme ça. |
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Post by omegal on Apr 16, 2023 19:53:58 GMT 1
Sent mine to my accountant in March and Friday we had the result, a small tax amount to pay. A few new things, something about where we live permanently, rather strange as it is the same place for 16 years.
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