Exchange rate for 2023 tax return

[fyfin]

Happy New Year everyone and for those of you who do a tax return I came across this today so will be using this rate (€1.1492) on my return.
Welcome to the 2023 GBP EUR history summary. This is the British Pound (GBP) to Euro (EUR) exchange rate history data page for the year of 2023, covering 364 days of GBP EUR historical data. Best exchange rate: 1.1746 EUR on 11 Jul 2023. Average exchange rate in 2023: 1.1492 EUR.

[El Cid]

The ECB average is 1.1495

It’s in the FAQ

Sid

[fyfin]

Well that was quick lol. I saw that rate as well but I thought I was close enough. I admit I didn't check faqs- didn't think it would be updated that quick. Well done as usual.

[El Cid]

I did just update the FAQ as it was getting a bit scruffy after 10 years or so of updates. Your figure is as close as makes no difference as, anyway, you do not have to justify how you arrive at any of your figures. Well, at least 95% of the time you don't. Don't even think about the other 5% - its not a place you want to venture into!

My biggest challenge this year will be filling in the section which covers deductions for fitting solar panels! There are some huge deductions that can apply.

Sid

[fyfin]

Seriously? I didn't know about the solar panels. I had them installed in 2022 but didn't think to tell our accountant. She's very good but basically just takes the figures of my spreadsheet.
She only charges €40 and is very helpful so never bothered trying to do it myself.

[El Cid]

The Spanish used to tax you on any electricity you produced - not exactly an incentive! That all changed about 3 years ago and the situation has completely reversed. The electricity companies will pay up to 15 céntimos per unit for any excess you produce This amount is deducted from your monthly invoice (you will still draw power from the grid at night) and any excess credit is carried forward. With the right installation you will pay nothing, not even the standing charge.

The grants come from the EU via the Junta and are 60% of the total installation cost. On top of that you can deduct up to 60% of the cost directly from your tax bill. You also get a 50% discount on your IBI for up to 5 years.

Basically, you can reclaim more than it costs and end up with a zero energy bill. What’s not to like about that?

Sid

[fyfin]

Thanks Sid. Going to check this out.