Every year I resolve to get a gestor to do my tax return, but once again...

About all my income is in £. Does anyone know the average exchange rate for 2024, or where to look for it, or if that's still the way it's done?

Thanks for all replies.

The average exchange rate for 2024 is 1.18117

That's great, thank you Fred.

Where are the rates listed? I spent an hour or so searching for something with no joy.

The Spanish taxman does not quote a rate. Its up to you to come up with one. My figure is from the ECB rate data. You can use any rate you choose as you do not declare the Sterling amounts. Anything wildly out of line would possibly be picked up by their computer system.

Well I never. Thanks again.

I know people who record every exchange they do and take an average, I always refer to here

https://www.x-rates.com/average/?fro...nt=1&year=2024

Official Euro exchange rates are published in the BOE, you search for sección III, departamento Banco de España, and a date range a couple or days either side of the date you're interested in as sometimes the date you want is skipped because e.g. public holidays aren't be included.

Thanks both, really useful. This'll be a good thread for people to refer to in the future.

I use the rate applicable on the day I receive the funds and use the ECB site to do so.

That gives me a 100% accurate figure which I can compare against the ECB average and use whichever works to my advantage.
Ultimately you can put down whatever you can defend if challenged.

Many seem to get in a real tizzy each year trying to give accountants bank statements and P60's etc. etc. but the tax man asks for none of that, just a figure which faithfully represents your gross income for the year.

Accountants like to make out that there is some mystique to it as it allows them to charge the often utterly outrageous fees they demand for what is a relatively simple job typically delegated to low wage minions.

it takes me 10 minutes to complete both declarations. Nice work if you can charge €200 for that. Because the actual forms have loads of numbers on them, people assume it must be complicated! I have been claiming for my solar panels. It put all the figures in automatically based on last years figures.

Same here, my affairs are very simple and uncomplicated and there are only a couple of sections I need to fill in with my figures and that's it.

Wait what?

I think this is wrong : you cannot choose any rate you want.

The BOE gives the official rates taken on last day of the year and you have to use them.
For 2024 : https://www.boe.es/diario_boe/txt.ph...E-A-2024-27623

What you are referring to is the exchange rate for the Form 720 Asset Declaration which is based on the end of year rate. For the income tax declaration it is, as already stated by many, either the average rate for the year or the actual rate at the time of the income payment.

So., your post is incorrect.

Actually you can but from my earlier post "Ultimately you can put down whatever you can defend if challenged".

The system is based on truth and honesty and you buck it at your financial peril!

That could be interesting defending that approach.

That said I haven’t used an average for my two submissions rather using actual exchange figures for the payment. However I may switch to an average for ease with future more frequent transactions but use a consistent approach and hope I don’t have to defend the change.