Does an intern set HMRC's monthly average exchange rates?

[jjscruff]

I'm talking about these

[Withdrawn] Exchange rates from HMRC in CSV and XML format

Check the foreign exchange monthly rates, yearly averages, spot rates and weekly amendments to rates (from HMRC in CSV and XML format).

www.gov.uk

Usually they seem to lean to a weak pound, thus any earnings made in USD will be taxed more highly as the value of the goods/services is greater.

Last three months though they've gone the other way massively.

Why do HMRC's calculations vary so much from independent figures?


eg, May

HMRC
USD to GBP 1.3048

XE and OFX (top exchange rate websites)
USD to GBP 1.244484

The difference is £400 for every £10k. That's a massive difference imo
All the independent exchange rate calculators seem to be consistent. HMRC's figures you never know what you're going to get.

 

[Bob Morgan]

Probably not an 'Intern' but a 'WFH Internee' - Who doesn't get out much! I have noticed the same trends too. Evidently, HMRC have a Secret 'Seasonally Adjusted Formula' that they use! Or it could be the bloke at home having a drink with mates who work for Travelex?

I wonder how many El Salvador Colons there are to the Argentinian ARS?

 

[scstock]

Which date are you using to make the comparison? I think they take the rate from around the 24th of the preceding month.

 

[jjscruff]

@scstock so the monthly rate is from one day? what logic is there in that over an average?

 

[scstock]

@scstock so the monthly rate is from one day? what logic is there in that over an average?

Since when does HMRC deploy logic? Playing Devilled Avocado, the rate for the whole of the new month is published on the 1st of the month, so one day's rate from towards the end of last month is as likely/unlikely to reflect the actual rate for the coming month as an average.

Or I may be wrong, was just something someone told me once - can't seem to find anything online to prove or disprove.

 

[WaveJumper]

Since when does HMRC deploy logic? Playing Devilled Avocado, the rate for the whole of the new month is published on the 1st of the month, so one day's rate from towards the end of last month is as likely/unlikely to reflect the actual rate for the coming month as an average.

Or I may be wrong, was just something someone told me once - can't seem to find anything online to prove or disprove.

Correct

[Withdrawn] Exchange rates from HMRC in CSV and XML format

Check the foreign exchange monthly rates, yearly averages, spot rates and weekly amendments to rates (from HMRC in CSV and XML format).

www.gov.uk