Advice needed re. self-assessment tax return.

J

Joody1

Registered User
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My uncle has asked me to do this self assessment tax retune. I am however not very good at maths.

I have looked into the relevant website for him and it appears that this can be done online. As he lives in the UK but has saving in Ireland which has to be converted into sterling. I have found a website for European spot on rate to do the conversion into sterling. What I cannot figure out as it seems to be a daily rate. Does this mean that I will have to calculate the daily rate of his interest for the whole year say for 31st March 09 to 31 March 10.

[FONT=&quot]Also it appears to be 2 rates for sterling and euro against the dates for the year does anyone knows why there are to rates for the same year on the hmrc website
[/FONT]Many thanks.
 
If you go to Central Bank of Ireland Site- You can get a chart showing rate for each day for last few years
 
Many thanks papervalue for that useful information. My problem is I am useless at working out how it should be done. I left school over 50 year ago at the age of 14 and like most at the time had to go out to work…

[FONT=&quot]I have been into the website and got the monthly figures for 09/10, (could not cope with the daily figure… lol). Does it mean that I have to divide the total of interest accrued for the year and get a monthly rate for each month for year 09/10 and then add the 12 up to get a final figure for that year[/FONT]
 

I would list the interest received by date and amount and put the interest exchange on that day and convert to euro( Cant be more than 12 interest payments in the year). Little difference between mid month rate and end month rate

if 100 sterling/ .82 for example gives 121.95 euro
 
Manny thanks papervalue for that information, I have only been able to get into Askaboutmone today. I have got microsoft excel but do know what formula to put in to get the correct result for each day exchange rate. If I put in the column A for £100 and then put the column B euro rate for that day as in the BOI website what function do I need to use the get the correct amount as you kindly demonstated

I did mentiond that I was usless with numbers hopefully excel will be able to make it easy for me if I get the correct forumlar to use.
 
Check the Ireland UK double taxation agreement - if he is resident in UK he may not be taxable on Ireland on deposit interest
 
I'm pretty sure that as a UK tax resident individual, his Irish deposit interest shouldn't be taxable.
 
Thanks PC80 and Pat, my uncle lives in the UK but has a saving account in Ireland it is the UK tax conversion that I need to do the calculations. UK does need his tax on this deposit.

I cannot see where it says UK residents is not taxable on irish deposit it is a taxable income.

I do not know how to calculate this in excel and would like to know the forumla on how to do it.

Thanks.
 
Joody1, I misunderstood. I thought that you were doing an Irish tax return and as a UK resident it shouldn't be taxable in Ireland.
 

How many times was interest credited to your uncle's account?

Google "OANDA" and use that site to get daily/monthly/yearly rates.
 
Pat Bateman said:
How many times was interest credited to your uncle's account?

Google "OANDA" and use that site to get daily/monthly/yearly rates.
Click to expand...

Many thanks Pat, I have the monthly and daily rates that papervalue gave me and it was a great help.

I have put it into excel and so far I have got to



but want to do it in colume but do not know what forulma to put in for it. At present I have to do it each one individually and it will take ages. Took a quick couse on excel but not got all if it as yet.
 
If you go to the box to the right of any of your euro exchange rate figures (assuming it would be cell C2 looking at the image), you can type '=' to start the excel formula builder. (Note: take care with your column titles. I assume it should read as 'sterling', 'exchange rate' and then 'euro')

You then want to input the formula as "=<first cell>/<second cell>" (if my assumption about it being on row 2 is correct, it would read as "=A2/B2").

If you copy that new cell containing the calculation, you can paste it into the other cells where you need the calculation done (excel will automatically update the row entry to refer to the relevant cells for you. e.g. when you paste it into C3 it will change the formula to "=A3/B3").

Hope that helps. If you need to change anything else (e.g. how the result is displayed in terms of decimal points or shown as a currency), feel free to ask.
 

Take the first two cells...is 108.6957 the sterling equivalent of the interest received in Euro?
 
thanks everyone for help so far.

this is what I have done with the BoI interest rates that I downloaded.

is the converted figures correct?
 
Are you using more digits than is currently visible for the (actual) exchange rate?

If not, there appears to be a few 'quirks' in the results (e.g. c10, c11, c14, c16.. etc). If you have the same principal sum (which you appear to have on that sheet) and the same exchange rate (hopefully you have exchange rates that aren't just the two decimal places which might explain the differing results), it should provide the same result.

Just said I'd mention it in case. As you can see, cell C11 has a different result to C9. Yet from what is visible, it should be the same result (if you do have differing exchange rates it would explain the differences and looks like you've got it).
 
Thanks Satanta. I will go back and check everything again tomorrow. I deleted digits as there were so many of them 5 plus the 0 & point after it, should I have done that? Thanks for advice, I will let you know if I have made a mistake.
 
No, if you have more detailed information (e.g. to 6 decimal places rather than 2 or whatever), you'd normally be better to use the most information possible (otherwise it will result in rounding errors, which will compound as the number of figures which are rounded increase).

When you say 'deleted', do you mean manually removed them?

I'd suggest you'd be better off not 'removing' the information and simply hiding it. If you highlight all of the relevant cells, you can format them as 'currency' and decide how many decimal places to display (it will round them up/down for you and only show the number of relevant decimal places).

From the looks of the cells, you've already assigned them as 'currency' and might have already used the 'number of decimal places' option. So ignore the above if you have. I'm just not sure if the 'differing results' is due to a change in the data (e.g. the currency exchange rate isn't 0.89 in cells which look similar, but is 0.89125 in one cell and 0.893245 in another... explaining the difference in results) or is due to a slight slip in the formula.
 
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