Tax Return conversion rates

[Mike,Chislehurst]

Does any one know what is an acceptable exchange rate (pound/euro) when calculating a potuguese tax return for 2005

[ROD]

Working for a European Multinational but dealing in Sterling we applied a conversion ratio for 2004 of 0.685, and 0.7 for 2005 when reporting in euros. We had to set the 0.7 figure for the value of the euro v sterling for the whole year at the end of 2004, and I think in retrospect it was fractionally too high

Hope this helps

[Mexican Pete]

Mike, I've used an average annual rate for the last couple of years without any problems - yet (not that that says much!) Try this site: http://www.oanda.com/convert/fxhistory

[Mike,Chislehurst]

Thanks a lot chaps, very helpful. I think I know most of the answers to this question but what are the allowable expenses the PT IR will accept.