Hi,
I am filling in my Self-Assessment (SA) and had a couple of questions (I asked HMRC but they were 'vague'). The thing is I have foreign income (in foreign currency) over 2020-2021. As a UK taxpayer, I pay the tax here. HMRC have said I can choose between their Monthly and Annual published exchange rates, whichever is preferable.
My question is can I mix and match HMRC's various published exchange rates within the same tax year? For example, can I use their Annual Exchange Rate for income Apr-Nov and Monthly Exchange rate for Dec-Mar? OR do I need to use the same set for the whole tax year?
With the turbulant nature of exchange rates this can add up - in this case over £1000 if I can mix and match.
Any help appreciated!
Dee
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