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Posted 3 months ago by jess810
Hi, I earn a monthly salary and get paid in Hong Kong dollars. When submitting PAYE, I convert the Hong Kong dollars into sterling pounds using HMRC monthly rates for NIC purposes. But for tax purposes, I reported nil as I intend to file a Self-assessment return. So my total salary appeared in my P60 is zero. Now I am filling in the SA return, I would like to ask if I can use different rates, such as HMRC average year rates or spot rates, for the conversion of my monthly salary. Many thanks and looking forward to your reply soon.
Posted 2 months ago by HMRC Admin 1 Response

Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
You are free to use any of the three rate HMRC provides, or you can use a rate obtained elsewhere, such as a newspaper or the London Stock Exchange.
For your convenience, there are exchange rates at: The National Archives: Exchange rates from HMRC in CSV and XML format

For older rates at: The National Archives: Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing

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