Help with calculation on speradsheet

Mahmood_Reza

peigi wrote: »

You are right jimmo,I think I have been making it more complicated than necessary. However, I am more confused now as I looked at the Spot Rate for 09/10 on HMRC website and as you can see it has too lots of spot rates from 31/03/09 and the same for 32/12/09 and then again for 31/03/10. All have slightly different exchange rate which rate do I use. Any help with this would be very much appreciated.

[FONT=&quot]Also, I have downloaded a copy of the form for 09/10 and it has nothing on there about foreign income where do I put that on the form as I would first like the return on a physically form and then do it online when I know it is correct. [/FONT][/QUOTE}
I would use the average rate for 09-10 0.88511 (£ per Euro). Ref foreign income disclosure, it does not go in the core tax return but within the 'Foreign' Supplementary Pages (pages F2 and F3 for savings & tax credit financial info). These pages are available as downloads http://search2.hmrc.gov.uk/kbroker/hmrc/forms/viewform.jsp?formId=3188

peigi_2

Hi Mahmood, that for that link, I have downloaded it and would be grateful if you could explane what I should put for my unique taxpayer reference where would I find that...I do not think it relates to NI as it does not fit in with the boxes. I think only the second page relate to what I need. There are two savings euro banks in the same country, do I put them seperately or add both amount of interest together and enter it on the form.

Thanks again.

Mahmood_Reza

peigi wrote: »

Hi Mahmood, that for that link, I have downloaded it and would be grateful if you could explane what I should put for my unique taxpayer reference where would I find that...I do not think it relates to NI as it does not fit in with the boxes. I think only the second page relate to what I need. There are two savings euro banks in the same country, do I put them seperately or add both amount of interest together and enter it on the form.

Thanks again.

You will need to contact HMRC to get them to issue you a UTR -http://www.hmrc.gov.uk/sa/forms/sa1.pdf for background, 0845 900 0444 is the number.
Add together & enter, keep workings showing how you got to the totals

peigi_2

Thanks jimmo, I think I have got my head around the form now. Regarding the last part of your post my friend has been sending certificates of interest from the foreign bank deposit/savings to HMRC for the last 4 years that seemed to have been OK. However since moving some of the euro savings into another bank, it has got a bit messy also he was in a small pension with his part time job, which was closed and took pension money out, and sent all paperwork to HMRC regarding this. It seems to have got a bit more messer and I expect that is why self assessment is required.

peigi_2

jimmo wrote: »

However once you have got your head around this and are happy that you understand what you are doing you might want to explore the possibilities of using the spot rates for each occasion that interest arose to see whether that will produce a lower figure of Sterling income.

That is what I was doing from the central bank daily interest rate and I got lost with it. For now it is simplier just to do the spot rate for 2009. As I am not the best when it come to basic maths. Perhaps I will take a couse on it for next year.