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Have you had a surprise pay rise this year?
Posted: Mon Aug 09, 2021 8:24 am
by Headers
I am an avid exchange rate watcher as our income is U.K. based.
I have always used an average exchange rate for my tax return which I declare in the comments section and I’ve never had a problem with that. For the past several years the average has been around 1.12 to 1.13.
I also pay my tax in 3-monthly prélèvements.
Having watched the rate this year it looks like the average will be much higher this year and could be 1.15 or more. I could put my prélèvements up for the the final part of the year. I can’t decide what to do for the best.
What do others do ?
Re: Have you had a surprise pay rise this year?
Posted: Mon Aug 09, 2021 8:36 am
by Doug
As both of our pensions are payed monthly, which we need ,into our bank here they are all added up at year end.
Re: Have you had a surprise pay rise this year?
Posted: Mon Aug 09, 2021 9:04 am
by Spardo
Our UK pensions are paid monthly into UK accounts. I transfer when needed and when the rates are favourable, then, at the end of the year I calculate the annual average rate by adding all the transfers and working out an accurate rate from that. Never been challenged.
Even including my French pensions the amount doesn't attract income tax but if they did I would pay it in one go when demanded. No prelevements (bar one) for me, had bad experiences in the past, so only Orange are allowed to get their sticky fingers into our accounts.
The rate for 2020 declared this year was £1=€1.12966. The year before was €1.127775.
Re: Have you had a surprise pay rise this year?
Posted: Mon Aug 09, 2021 9:14 am
by mysty
No
Re: Have you had a surprise pay rise this year?
Posted: Mon Aug 09, 2021 9:23 am
by Headers
Spardo wrote: ↑Mon Aug 09, 2021 9:04 am
Our UK pensions are paid monthly into UK accounts. I transfer when needed and when the rates are favourable, then, at the end of the year I calculate the annual average rate by adding all the transfers and working out an accurate rate from that. Never been challenged.
Even including my French pensions the amount doesn't attract income tax but if they did I would pay it in one go when demanded. No prelevements (bar one) for me, had bad experiences in the past, so only Orange are allowed to get their sticky fingers into our accounts.
The rate for 2020 declared this year was £1=€1.12966. The year before was €1.127775.
Looking this morning the 3-month average is 1.1649, the 12 month average is 1.13. The rate this morning is teetering on 1.18
Re: Have you had a surprise pay rise this year?
Posted: Mon Aug 09, 2021 10:28 am
by Spardo
Headers wrote: ↑Mon Aug 09, 2021 9:23 am
Looking this morning the 3-month average is 1.1649, the 12 month average is 1.13. The rate this morning is teetering on 1.18
Yes I know, I do watch every day but, sadly, not ready for a transfer at the moment. When I transferred at 1.16 I had been patiently watching it up from much lower day by day.
Re: Have you had a surprise pay rise this year?
Posted: Mon Aug 09, 2021 10:49 am
by curtis
mysty wrote: ↑Mon Aug 09, 2021 9:14 amNo
Have you had a word with your employer ?
Re: Have you had a surprise pay rise this year?
Posted: Mon Aug 09, 2021 1:41 pm
by mysty
curtis wrote: ↑Mon Aug 09, 2021 10:49 am
mysty wrote: ↑Mon Aug 09, 2021 9:14 amNo
Have you had a word with your employer ?
If we take extra your social charges go up.
I assume you pay social charges on pensions here as well ?
Re: Have you had a surprise pay rise this year?
Posted: Mon Aug 09, 2021 2:50 pm
by curtis
This is too complicated for me.
My comment was only a jo
ke.
Re: Have you had a surprise pay rise this year?
Posted: Mon Aug 09, 2021 3:08 pm
by niemeyjt
And Demon doesn't get a part, or even half one, on the tax form.