A question for El Cid.
What is the official Spanish income tax 2018 exchange rate?
Where do find this information?
Cheers
Gerry
Spanish income tax 2018 exchange rate
Spanish income tax 2018 exchange rate
Gerry Harris
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Re: Spanish income tax 2018 exchange rate
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
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
Re: Spanish income tax 2018 exchange rate
That reminds me I'd better load up the spreadsheet lol
A man likes his wife to be just clever enough to appreciate his cleverness, and just stupid enough to admire it
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Re: Spanish income tax 2018 exchange rate
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
(BOE) Boletin Oficial del Estado
not Bank of England for clarity
not Bank of England for clarity
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Re: Spanish income tax 2018 exchange rate
They will be on the ECB site.
Sid
Sid
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Re: Spanish income tax 2018 exchange rate
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
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
Sid
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Re: Spanish income tax 2018 exchange rate
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?
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
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
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
Re: Spanish income tax 2018 exchange rate
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.
A man likes his wife to be just clever enough to appreciate his cleverness, and just stupid enough to admire it
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