Which dollar rate should I use for tax return

B

brianom

Guest
I am a sole trader and I'm currently doing my 2006 tax return. I earn all my money in dollars. The eur/usd rate at the end of 2006 was €1.32, now it's €1.42.

Will the revenue accept today's rate (which will be the rate I'll have to convert at).

Thanks

brianom
 
The revenue, through their ebrief issue the average rate for each year. this is the rate to be used. go to www.revenue.ie and look for ebrief issued early in 2007 (Jan/Feb approx).
 
If you business is very seasonal, it might be worth looking at the rates for the day/month as it may be better than taking an average figure for the whole year.
 
sam h said:
If you business is very seasonal, it might be worth looking at the rates for the day/month as it may be better than taking an average figure for the whole year.
Click to expand...

Do revenue allow this? Are you not obliged to use the rates that they provide? I believe that they get them from the Central Bank.
 
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