Yes but if the file can be recreated then I’m sure there s normally the option to define another symbol as a delmiter in the .csv to be created.
after all this must be a recurring problem in Euro currency countries..
Yes but if the file can be recreated then I’m sure there s normally the option to define another symbol as a delmiter in the .csv to be created.
after all this must be a recurring problem in Euro currency countries..
Yes, absolutely you can and it’s what I would normally do. However, you can’t change the source file as it’s only offered in one format and that has commas as delimiters and commas as decimal points, as John has said. I’ve abandoned it for now, but I did go onto the site and switch to English from French (no other option available) and that did show decimal points on the screen instead of commas. However, downloading that version had about one in ten incorrect entries, which is why I think I shall do it from a printed page, even though this is disappointing for a former IT professional ![]()
This is cheeky but has anyone actually bought this year’s Connexion tax guide? If so, I wonder what exchange rate they’re suggesting?
£ = €1.176?
Except taking just two rates at the beginning and end of the year isn’t a proper or accurate arithmetical average is it. For example, if the rate had stayed closer to the Jan1 figure for ten months of the year then the average would be noticeably different, but using just two numbers, year start and end, would completely overlook that.
Bearing in mind that the higher average rate you come up with, the more tax you are letting yourself in for, I used the 12-month graph that you can easily generate from the EBC website to sanity check. I simply took the ECB rate on the first of each month when I receive the bulk of my pensions and divided by 12….and guess what? I came up with a lower figure.
Mathematically, the best rate to use for a set of exchange rates is the geometric mean. Practically, I use whatever @George1 recommends.
Bonjour and welcome to SF.
If you look at my posts around 14 and 34 in this thread, you’ll see that I’ve also suggested the possibility of using I) an average of month end rates (very similar to your suggestion) or 2) actual rates or 3) the average of end of year figures. There really are multiple ways of skinning the proverbial exchange rate cat. My advice would be to use whichever appropriate exchange rate methodology you are comfortable defending to the Impots, if ever challenged. Any of the methods above, and probably several others I’ve not mentioned, should pass muster if used for recurring income, since there is no one Holy Gospel of an Official Exchange Rate.
Quite agree! I just prefer to use the most advantageous rate that evidences the minimum number of juicy euros for my Brexit ££s, and thus the lowest tax hit, and in this case the 1st monthly average (which indeed you indicated might be preferential for some, including lump sums and regular payments) gave a lower number. I just wanted to point out that to make that calculation, the graphing on the ECB website is extremely useful as having set the 1Jan- 31Dec parameters it’s easy to scroll across the graph where your mouse will cause any particular day rate to pop up. Literally took about three minutes to write down the 12 pertinent figures.
As I said, this absolutely isn’t “mine’s bigger than yours”, just pointing out that there are credible alternatives like this (they can’t really argue with the ECB, although given their stance on inheritance law, who knows!!) which might save a few euros for some folk.
It’s a bit late this year but per my comment way down below, go to this link …
Set the currency to GBP-EURO, change the period on the graph to the relevant tax year and it’s all there. Just mouse over the requisite date and the rate appears.
This also works for all other major currencies including the $.
Obviously it is doesn’t work out better than the “average of two rates” method then forget it, but this year it was marginally better, i.e. less euros for my ££s.
For the avoidance of doubt, average rates shouldn’t be used for (presumably one-off) lump sums, eg pensions, property sale proceeds etc.