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Converting Foreign Currencies & Pensions deduction

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martinstroke
Junior Member
Posts: 50
Joined: Sat Sep 19, 2015 3:03 am

Converting Foreign Currencies & Pensions deduction

Post by martinstroke » Thu Jun 30, 2016 10:58 am

Hello All,

Good day members, I would like if the members of this forum will be able to help me out with this query?

How did you go about converting the foreign earnings giving that the guidance says that ''Earnings in a foreign currency will be converted to pound sterling using the closing spot exchange rate for the last day of the period for which the applicant has claimed earnings in that currency''

In my own case, I am using overseas earnings spread across the months of Oct 2015, Dec 2015 and March 2016. What period in the exchange rate calender do I have to use. Do i have to use that of the last pay which would be the 31st of March 2016 for all 3 payments? Please your inputs are highly appreciated.

Also I would like to know if I can include my pension contributions which is been deducted before tax as part of my total earnings. The Guidance is not so much clear on this statement. This is my very first time facing this scenario as I have never had my pensions deducted before now.

Thanks very much and your inputs are highly appreciated.

Martins

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