HMRC Monthly Exchange Rates

[jjscruff]

Anyone use these for accounting?

I use the HMRC Monthly average exchange rates to convert foreign currency to GBP to file my VAT

Here's a link:
https://www.gov.uk/government/publications/hmrc-exchange-rates-for-2020-monthly

I've done this for 10 years and i've often noticed some odd figures in there
But April 2020 GBP/USD is ridiculous (1.1763)

At no single point in April did GBP/USD even fall to 1.17 never mind 1.17 being the average.

According to independent websites GBP/USD average for April was around 1.24

This is a huge 6% difference
I'm not reporting and paying tax on 6% higher sales than i achieved

Have i missed something here?
How can the rate be so off?

 

[Paul Kelly ICHYB]

Why don't you use the rate you exchanged at?

 

[jjscruff]

because the USD is sometimes never exchanged, or is exchanged at a much later date

 

[Paul Kelly ICHYB]

OK.

 

[UK Contractor Accountant]

I have checked may 20 average and seems spot on- not sure why April's is out though.

I used the Bank of England published x rates.

 

[jjscruff]

I have checked may 20 average and seems spot on- not sure why April's is out though.

I used the Bank of England published x rates.

thanks for this
do you have a link to the BOE monthlies?
could only see daily rates

Thanks

 

[UK Contractor Accountant]

thanks for this
do you have a link to the BOE monthlies?
could only see daily rates

Thanks

i exported to excel and calculated the average myself - easy to do once in excel table format

 

[jjscruff]

i exported to excel and calculated the average myself - easy to do once in excel table format

do you have april, may and june to hand?