HMRC published exchange rates for major currencies:

• USD (US Dollar): 1.3367

• EUR (Euro): 1.1719

• JPY (Japanese Yen): 217.9907

• CNY (Chinese Yuan): 9.0479

• HKD (Hong Kong Dollar): 10.4805

• TWD (Taiwan Dollar): 43.3972

• RUB (Russian Ruble): 105.0552

• KZT (Kazakhstani Tenge): 624.7684

• AUD (Australian Dollar): 1.9112

• CAD (Canadian Dollar): 1.8835

• SGD (Singapore Dollar): 1.7262

• MYR (Malaysian Ringgit): 5.4633

• KRW (South Korean Won): 1979.0292

• MOP (Macanese Pataca): 10.7949

• DKK (Danish Krone): 8.7609

• SEK (Swedish Krona): 12.9869

• BRL (Brazilian Real): 6.7858

• CHF (Swiss Franc): 1.0863

• NZD (New Zealand Dollar): 2.2978

(This is not an exhaustive list)

(IMPORTANT: Exchange rates may be incorrect and are subject to change without notice. We are not responsible for their accuracy.)

These reference rates are rounded for simplicity. HMRC has not specified to use these rates for tax filing, which is optional. Explicitly HMRC specifies actual and nominal rates from currency exchange records, that is, actual rates must be used for foreign income, dividends, salaries, and expenses when available. Proper documentation of the rate used is essential for compliance. HMRC allows the use of either actual transaction rates or published reference rates. Elaga Accountancy recommends and provides these as reference rates for convenience. They are not mandatory. Taxpayers can also rely on their own records or reputable sources such as Yahoo Finance or Google Finance. The key principle is consistency: whichever rate you choose, it should be applied consistently throughout the tax period. Whether you are reporting overseas income, multi-currency business transactions, or preparing statutory filings, maintaining a consistent approach and clear record of exchange rates ensures compliance with HMRC rules.

For professional guidance on foreign currency conversion, overseas income, or multi-currency tax filings, contact Elaga Accountancy for expert support.

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Source: HMRC / gov.uk. Contains public sector information licensed under the Open Government Licence v3.0.

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