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Posted Mon, 01 May 2023 13:22:15 GMT by Kotopaxi
Hi Can anyone give advice as to the most acceptable way of submitting Canadian RRSP and Social Security income for self assessment. Official NR4 documents are issued for each, giving the annual sums for these, however the Canadian tax year is Jan 1st to Dec31st, thus using these sums for UK tax purposes will not be accurate. In addition, the RRSP amounts are received in the UK in 2 tranches with actual exchange rates provided, but again, added together, these do not represent the periiod April to April. Using the NR4 values would, over the years, be the most accurate way, even though each annual self assessment submission will not give a true picture, but is this acceptable to HMRC. I would sincerely appreciate if anyone is haveing a similar problem and could provide help. Kotopaxi.
Posted Fri, 05 May 2023 15:40:07 GMT by HMRC Admin 25
Hi Kotopaxi,

Many countries around the world, apply a financial year starting 1 January and ending 31 December, matching their calendar year; while the UK financial year runs from 6 April to 5 April.
Both financial years are of the same length, so, there is no conversion required.
Simply take the income arising in the period 1 January 2022 to 31 December 2022 (converted into pounds sterling) and declare it in the 2022 to 2023 UK tax return, as all entries in a UK tax return are in pounds sterling.  
The official exchange rates can be found here: 
Exchange rates from HMRC in CSV and XML format

Thank you. 

 

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