Average for the year exchange rate for Self Assement

I wish to use a yearly average for converting all my USA income to pound for self assessment. The HMRC page exchange-rates-for-customs-and-vat-yearly lists two figures. Is there one must I use, or can I choose the one that lets me pay the least tax? Average for the year to 31 March 2023 - USA Dollar USD 0.8202 1.219267 Average for the year to 31 December 2022 - USA Dollar 0.8003 1.249458

Hi,

You are free to use the yearly rate, the monthly rate or the spot rate.  If a conversion was undertaken to deposit the money into a UK bank account, then this figure can be used.  

The official exchange rates can be found here -

Exchange rates from HMRC in CSV and XML format

Thank you

Which yearly rate are you talking about. There are 2 Average for the year to 31 March 2023 or Average for the year to 31 December 2022 Which one, please read my question.

Hi,

You can use either of the yearly rates mentioned in your original questionS for the 22/23 tax year.

Thank you.