Exchange Rates Timestamp

[TaxTax]

For business travel outside of the UK the HRMC releases a document that is listing benchmark scale rates mostly in the local currencies.

Now when you account for your travel expenses you have to transfer your expenses in whatever currency into GBP right? What exchange rate would be the appropriate rare to convert it?

[cojak]

If cash the exchange rate on your currency receipt. If by card the exchange rate of the date of the bill receipt. XE.com can provide you with historical exchange rates.

[TaxTax]

I thought the point of the worldwide subsistence rates is to NOT reimburse simply actuals but the rates so a traveler might not provide receipts for those expenses.

Example from HMRC 490 Manual

2 x 24 hour rate (15.00 Monday to 15.00 Wednesday) 708 Swiss francs
Wednesday night (room rate) 203 ,, ,,
10 hour rate (15.00 Wednesday to 09.00 Thursday) 114 Swiss francs less dinner rate 67 Swiss francs 47 ,, ,,
Total 958 Swiss francs

So the 958 Swiss francs need to be converted to GBP based on the daily rates or the exchange rate at the end of the journey or the beginning of the journey or the date of the claim?

[Wanderer]

Now when you account for your travel expenses you have to transfer your expenses in whatever currency into GBP right? What exchange rate would be the appropriate rare to convert it?

For bigger things, I charge them to my company credit card and put it through the accounts as whatever amount the bank charges the company for the transaction.

If you take petty cash out of your personal account for subsistence, then get the rates of xe.net and add 3 or 4% to it for the bank commission/charges.

[TykeMerc]

If cash the exchange rate on your currency receipt. If by card the exchange rate of the date of the bill receipt.

WSS.

I've always used the actual £ cost from the credit card bills or exchange receipt, it's the only sensible way in my view.

[SueEllen]

F
If you take petty cash out of your personal account for subsistence, then get the rates of xe.net and add 3 or 4% to it for the bank commission/charges.

You are probably better of using the bank exchange rate at the date of the transaction plus their commission from your statement, as different banks use different exchange rates.

Some are a right rip off and have their own exchange rate plus commission, while others use the Visa/Mastercard rate plus commission and a rare few use Visa/Mastercard rate with no commission.

[northernladuk]

WSS.

I've always used the actual £ cost from the credit card bills or exchange receipt, it's the only sensible way in my view.

Totally WHS> Credit card companies do two things. Charge you for the transaction or make the exchange rate poor so claw it back in that. If you claim the approved rate on XE (which you will never get) you will be badly out of pocket using credit cards.

I also do the same when deailing with cash purchases. I charge it back to the client at the rate I exchanged the money for. Some exchange places have terrible rates like in airports. Again if you use the current found on XE you will be badly out of pocket again.