Tax exchange rate from the UK

R

roker

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How is the exchange rate calculates from UK earnings/pension as it is variable, I have been taking it as a yearly average, is this correct.
Also the Irish tax year is January and UK is April which adds to the complication
 
Confusing post.
What's the question about.
Tax?
How exchange rates are calculated?
Something else?
 
The OP has GBP income, and is exposed to variable exchange rates.

The OP uses one yearly average exchange rate to convert GBP income to euro for the purposes of applying Irish tax.

The OP is wondering whether taking one yearly average fx rate is correct?
 
Is the GBP income received into a Euro account? or a GBP account?

I suspect you should be using the exchange rate on the date you receive the income

But as the GBP/EUR is relatively stable, using an average rate is probably acceptable- Revenue won't be that bothered
 
jpd said:
Is the GBP income received into a Euro account? or a GBP account?

I suspect you should be using the exchange rate on the date you receive the income

But as the GBP/EUR is relatively stable, using an average rate is probably acceptable- Revenue won't be that bothered
Click to expand...
It's received into a Euro account but even if its going into a GBP account in Ireland or UK, it would still need converting into Euro for Irish revenue assesment as earnings
 
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