Just realised that I have To complete a questionnaire from CPAM with details of our income from last year. Please can anyone remember the “official” conversion rate that was used on the tax return last year so that I can convert our money from GBP to Euros?
I’ve just checked - 1.1466 but can’t you use the figure you got back from the tax people detailing your tax liability?
Helpfully ( not) CPAM want Jan - Dec 2020, this year’s tax return figures!
Ah - that makes sense then
If it’s any help, when doing my French tax return I use the Bank of England average FX rate for the year. This has always been acceptable in the past (no guarantees for the future!)
For current purposes, that rate for 2020 was £1 = €1.1240
The consensus was to use 1.14 the odd extra “pips” won’t make much of difference.
Yep, my Bank of England rate for 2019 was 1.14, so that agrees.
Brian is quite right of course - the figure to use for 2020 will be somewhat lower so, depending on whether you want your income to appear larger or smaller…
(Not sure if the French government has published its approved figure for the year yet - it should have done, so I’ll check…)
Can someone please clarify… I’m thoroughly confused (doesn’t take much these days )
Looking for the exchange rate to be used on monies received during 2020 for reporting in 2021…
(I couldn’t make up my mind if 2020’s rate is what @Fenman is seeking… but others certainly will be… )
Per my B of E method, which seems to agree with French figures, the rate for 2020 earnings, reporting in 2021, was 1.1240.
That is the rate I used when I did my tax stuff last week.
As has been pointed out, a few cents here or there don’t make a great deal of difference, it’s swings and roundabouts.
During the course of a year, I get my figures from here:
Curiously, IIRC the closing figure for 2019 was higher than 1.14 but the general consensus was to us 1.14 - so who am I to argue?
Isn’t the figure for the tax return supposed to be the average of the closing figure for the year in question and the closing figure for the previous year? I think that formula works out at 1.14 plus a few bits for 2019
ah @railang if only it were always that easy.
There are numerous ways acceptable to the fisc and just to make it more interesting… you can combine the different mechanisms
In no particular order of preference:
- A straight conversion of the total sterling figure;
- Using the rate actually achieved for each transaction;
- Taking the closing rate 31st Dec in the year prior and the year closing to average
Generally, the ECB and BdF rates are annualised so if doing a straight conversion, they may be the more explainable if asked by the fisc to justify your figures (very unlikely).
Hi Stella and everyone
First of all, thanks for your help with the info about exchange rates. I was able to get the
doc from CPAM completed and in the Poste this afternoon: it’s due in by tomorrow.
As they wanted figures for income over the last 12 months, and we are paid in GBP, I reckoned using the exchange rate for last year would have to do as we don’t know this year’s number yet.
Coincidence that we got this request in the run-up to the deadline for Brexit?
Perhaps it depends on how you are linked into the Health System … have you given CPAM an S1 ???
ah… that possibly explains the request for your income then…
standard procedure for any (younger) Brits I have accompanied through the CPAM’s hallowed portals, over the years
Indeed- I thought they had tired of counting the paperclips and decided it was my turn in the lucky dip for a paper based admin chore…