Cannot find firm answer re: Currency conversion

[freebird2000]

Hi all,

Thanks in advance for reading this post. I'd appreciate any quick replies as I'm getting super-stressed about this!

After reading and re-reading everything I can find online and on the board about the currency conversion, I am still a bit confused.

I work as a contractor (self-employed). I am just trying to figure out what date I should use when doing the conversion from US dollars to pounds sterling.

Because I get paid after completing a job, my checks are somewhat sporadic. Do I convert from the last date that I am claiming ANY and ALL earnings? Or do I separate the companies and exchange each one from the last date that I received earnings from that one company?

I hope I am making this clear.

For example:

May 1, 2009 - check from company A for $1000
July 5, 2009 - check from company B for $1000
August 10, 2009 - check from company C for $1000
November 1, 2009 - check from company A for $1000
December 18, 2009 - check from company D for $1000

So would I add all the earnings together and then use the rate from December 18, 2009 ($5000 x exchange rate on 12/18/2009)

OR

Would I use:
November 1, 2009 for company A (most recent earnings from that company) to convert $2000 (total from company A)
July 5, 2009 for company B to convert $1000,
August 10, 2009 for company C to convert $1000
December 18, 2009 for company D to convert $1000?

If this is not clear, please reply and I will do my best to make clearer. Any assistance would be greatly appreciated. Thank you all!

Good luck to all, may we enjoy some bangers and mash together soon!

Jason

[ursbunti]

Hi
I think HO considers the conversion rate taken into count at the last day of ur earning period being claimed.
The best one is if there is a gap between ur periods then u shud take rate on the last day of each period being claimed and if u r claiming for continuous 12 months period then u shud take the rate of last day of 12 months.
Its my view but seniors like Ramesh or tvk can comment better.
Kind Regards,

[ursbunti]

sori for naming wrong. the right id is vks.