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Where Taxpayers and Advisers Meet

Mix and Match Monthly and Annual Exchange Rates in SA

DtheRed
Posts:16
Joined:Thu Oct 05, 2017 5:35 pm
Mix and Match Monthly and Annual Exchange Rates in SA

Postby DtheRed » Thu Dec 09, 2021 4:03 pm

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

AGoodman
Posts:1416
Joined:Fri May 16, 2014 3:47 pm

Re: Mix and Match Monthly and Annual Exchange Rates in SA

Postby AGoodman » Mon Dec 13, 2021 4:28 pm

No, you need to choose one or the other

DtheRed
Posts:16
Joined:Thu Oct 05, 2017 5:35 pm

Re: Mix and Match Monthly and Annual Exchange Rates in SA

Postby DtheRed » Wed Dec 15, 2021 12:31 pm

Thanks


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