Jump to content

Perennial question regarding exchange rate for impots


Robson
 Share

Recommended Posts

Hello. Filling in my French declaration. Been unable to contact the local tax office. Does anyone know, is there an official exchange rate for revenues earned in the UK? What rate are other people using? Do you just find today's current rate, or must you link it to some 'average' from last year?

Link to comment
Share on other sites

That keeps it simple. 'Technically' you are supposed to calculate the amounts according to the relevant rate on the day of receipt of Sterling (or whatever) using the Banque de France rates: https://www.banque-france.fr/statistiques/taux-et-cours/les-taux-de-change-salle-des-marches/parites-quotidiennes

Some people find it a faff, but it usually only takes me 15-20 minutes to enter everything into a spreadsheet, and that's for 60-odd transactions (pensions and business sales).
Link to comment
Share on other sites

Thank you, Robson, for asking the question and even more for providing the answer[:D]

For the first time ever, I am going to use the "standard" rate.  Fed up of getting historic bank rates on the actual dates of receipt of money and, like chessfou2, I have 60 transactions all on different days every month.

It was worth doing in the past when there could be wide fluctuations, nowadays, it chugs along more or less the same.

Ultra quick calcs this year and and saving of frustration, checking all the sums....plus, I am a real duffer with les chiffres [8-)] and it's not been unknown for me to add up a column of figures 5 times and get 5 different answers!

Link to comment
Share on other sites

I use the rate I got on the date of transfer or the Bank of England spot rates, they have what I have found quite an easy system where one can get the yearly rate.

Isn't it strange that us ordinary people do get concerned about this being right, and then I see oligarchs and rich people and businesses somehow getting round their liabilities, and do think that sadly the tax inspectors will find us far easier targets than the stinking rich![:'(]

Link to comment
Share on other sites

MInt, glad I am not the only one who can add up 5 times and get 5 different answers.  I just use the same conversion figure for all amounts as I only get my state pension paid into  my acount in France the rest stays in the UK  banks and is almost never transferred ... I pay bills with a UK CC when and that gets around it .. as I py the bill from the UK account .. saves on transfers (and the conversion figure teh CC company use is better than any bank rate I could get.)

Link to comment
Share on other sites

  • 3 weeks later...
[quote user="Robson"]Replying to my above post. I just got through, and was told a rate of 1.14.[/quote]

I'm fairly certain that's the rate I used last year. If your tax office is anything like ours, I wouldn't put it past them to be giving out 2019 for 20 data.

Belvins Franks website is saying £1 : €1.125 which is what I propose to use.
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...