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Sterling income

rubber duk · 2014-08-06 10:53:58

Hi folks, I have some income coming through in sterling, would anybody know what exchange rate to use when calculating tax owed on it? Thanks

06-08-2014 10:53am

#1

rubber duk

Registered Users, Registered Users 2 Posts: 16 ✭

Join Date: July 2010

Posts: 14

Hi folks, I have some income coming through in sterling, would anybody know what exchange rate to use when calculating tax owed on it? Thanks

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Comments

#2 06-08-2014 11:01am

2ndcoming

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Use the correct rate for the day it's paid to you for a one off payment or the annual average for an ongoing income when you are declaring it the following year. Full exchange rate records are available on www.centralbank.ie

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#3 06-08-2014 12:58pm

rubber duk

Registered Users, Registered Users 2 Posts: 16 ✭

Join Date: July 2010

Posts: 14

Thanks 2nd coming. I would receive a bit less than the actual rates posted by Central Bank, depending on which company I use to convert the currency. Can I claim the difference as an expense or just forget about it? Thanks again.

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