The averages for the year to 31st March and 31st December are given for 60 currencies from the Argentine peso to the Zimbabwe dollar. Spot rates for the end of March and the end of December.
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The number of countries covered varies from year to year for example the table of averages for contains rates for 80 countries compared to around in The list of spot rates is much shorter, usually only covering countries. Contact us by email at library icaew. ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists.
Yearly Average Rates
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When it comes to the end of the accounting period and it is time to draw up the company accounts, companies which account in Great British Pound, you need to convert payments received and sent as well as receipts in foreign currencies, and the value of any foreign currency denominated assets and liabilities, all into Great British Pound. The company may also be required to make foreign currency conversions when putting together their tax computations for submission to Customs and Revenue.
Some organisations may use the London closing rate for the appropriate day when putting together their accounts and preparations. However, the London closing rate has no real official meaning or privileged status so it is not uncommon that companies use some different exchange rates in their accounts and calculations. Previous topic Next topic.
HMRC yearly average and spot rates
In filling im my SA online just now however I noticed on the "Interest and other income from overseas savings" page the following wording for completing that page Convert the income into UK pounds using the exchange rate at the time the income arose. Post by mike ยป Mon Jan 27, pm Julian wrote: Convert the income into UK pounds using the exchange rate at the time the income arose.
You will notice that January's is already up, and has a single exchange rate in it for each currency for the whole month, and it was published on the 23rd of December! So, you may well have sometimes, in declaring what you received, actually declared more than HMRC would have you do so, by their exchange rates! Bonkers, eh?!