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Posted Tue, 12 Apr 2022 13:44:39 GMT by mkcchan
Hello, I would like to know which exchange rate I should use for year 2021/2022 self-assessment. I see I can use the average rate for the year but I find two set of average exchange rates in HRMC website: 1. Average for the year to 31 December 2021 2. Average for the year to 31 March 2022 (not set) May I use "Average for the year to 31 December 2021" to convert ALL my foreign income to GBP for the whole fiscal year? Or, should I use both exchange rate sets? (Use "31 December 2021" for income from April to December 2021 and "31 March 2022" for income from January to March 2022) Pls help to clarify. Thank you.
Posted Wed, 13 Apr 2022 10:58:59 GMT by HMRC Admin 17

Hi,
 
Please use the exchange rates on a monthly basis. 

The following links cover April 21 to April 22:

HMRC exchange rates for 2021: monthly   and :

HMRC exchange rates for 2022: monthly   .


Thank you.
Posted Wed, 13 Apr 2022 22:02:29 GMT by mkcchan
Hello, Thanks for your information. When and what scenario the average exchange rate to be used? Pls comment. Thanks again!
Posted Tue, 19 Apr 2022 13:40:48 GMT by HMRC Admin 17

Hi,

 
You can either use the exchange rates provided by the broker at the time of exchange or the end of the year.

Alternatively you can use HMRC's average for the year or monthly exchange rate. 

This is your choice. 

Thank you.

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