Foreign income calculation

[annamac1]

What exchange rate do you use when calculating sterling income for tax year 2007.
Is there a link on the revenue site?
Thanks, Anna

 

[Graham_07]

go about 2/3 down [broken link removed], there's a table . For 2007 £stg is 0.6843 i.e. €1.00 = £0.6843

 

[annamac1]

Thanks for quick reply.

 

[Domo]

You can use any reasonable rate for calculation.

If the income is spread over the year, it may be worth considering using the daily banking amounts - try working both methods out to see which gives the best result. With the fluctuations, the daily amounts may be better.

However, whatever method you choose you have to keep using that method - you can't chop and change.

I use www.oanda.com for these types of calculations and take the daily mid price amount.

 

[gipimann]

The EU publish a daily rate in their official journal which you could use.

[broken link removed]

The exchange rates are found in the C series of journals.