Spanish income tax 2018 exchange rate

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gerryh
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Spanish income tax 2018 exchange rate

Postby gerryh » Thu Jan 03, 2019 1:12 pm

A question for El Cid.
What is the official Spanish income tax 2018 exchange rate?
Where do find this information?
Cheers
Gerry
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Re: Spanish income tax 2018 exchange rate

Postby Beachcomber » Thu Jan 03, 2019 2:05 pm

I hope you and Sid don't mind me answering.

The average rate for 2018 is £0,88471 = €1 (€1,1303 = £1)

http://sdw.ecb.europa.eu/quickview.do?S ... EUR.SP00.A

and the rate on 31/12/2018 is £0,8969 = €1 (€1,1149 = £1)

http://www.bankofengland.co.uk/boeapps/ ... J&Filter=N

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gerryh
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Re: Spanish income tax 2018 exchange rate

Postby gerryh » Thu Jan 03, 2019 2:30 pm

Thanks
Gerry
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fyfin
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Re: Spanish income tax 2018 exchange rate

Postby fyfin » Thu Jan 03, 2019 3:13 pm

That reminds me I'd better load up the spreadsheet lol
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Paddy Pumpkin
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Re: Spanish income tax 2018 exchange rate

Postby Paddy Pumpkin » Wed Jan 09, 2019 3:22 pm

Does anyone know how I can get the BOE with the rates for tax return and Model 720? I need it for currencies other than GBP

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Re: Spanish income tax 2018 exchange rate

Postby Paddy Pumpkin » Wed Jan 09, 2019 3:23 pm

(BOE) Boletin Oficial del Estado
not Bank of England for clarity

El Cid
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Re: Spanish income tax 2018 exchange rate

Postby El Cid » Wed Jan 09, 2019 5:15 pm

They will be on the ECB site.

Sid

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Re: Spanish income tax 2018 exchange rate

Postby Paddy Pumpkin » Wed Jan 09, 2019 5:22 pm

Beachcomber wrote:I hope you and Sid don't mind me answering.

The average rate for 2018 is £0,88471 = €1 (€1,1303 = £1)

http://sdw.ecb.europa.eu/quickview.do?S ... EUR.SP00.A

and the rate on 31/12/2018 is £0,8969 = €1 (€1,1149 = £1)

http://www.bankofengland.co.uk/boeapps/ ... J&Filter=N



https://www.ecb.europa.eu/stats/exchang ... 181231.pdf

The ECB Says .89453 for EURGBP whilst BK england is .8969 (both for 31 dec 2018)

Which rate should I use?

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Re: Spanish income tax 2018 exchange rate

Postby El Cid » Wed Jan 09, 2019 9:44 pm

Use the figures that Beachcomber has already given you. As for other currencies, just look them up. Anyway, you can use any figures you like, you don’t have to show how you arrived at them.

Sid

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Re: Spanish income tax 2018 exchange rate

Postby Paddy Pumpkin » Thu Jan 10, 2019 1:08 am

https://www.boe.es/boe/dias/2019/01/03/ ... 19-115.pdf

It makes a material difference to my Modelo 720 so I dug around and found the official year end rates. They are the same as ECB.

For Income tax I can use any rate that is reasonable? i.e I could choose the average for the year or I could use the rate on the date I received the income (in the foreign currency) or could I use the rate I got when I exchanged currencies?

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Re: Spanish income tax 2018 exchange rate

Postby El Cid » Thu Jan 10, 2019 9:20 am

I use the average rate when I calculate my income as it is paid into my UK account. My wife's pension is paid direct into our Spanish account and I just add up the actual payments in. This then ignores any commissions or less than favourable exchange rates. So a combination of methods works best for me.

I'm not sure about holding back on exchanging accrued income until you get the best rate is legally correct as it could mean delaying declaring income into a later tax year which would not be allowed. Ultimately, you are obliged to declare your income and assets in Euros, how you arrive at those figures is down to you, but in the unlikely event of a tax investigation you might then be asked how you arrived at them.

Sid

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Re: Spanish income tax 2018 exchange rate

Postby fyfin » Thu Jan 10, 2019 11:14 am

I do exactly the same as Sid. Income coming in from the State pension is paid directly as euros into our euro account. The rest is calculated at the average rate.
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