That’s a difficult one to answer. HMG often purchase the funds forward in advance of the day payment is actually due by which time the rate may well have moved - either up or down, as it does almost constantly during the day anyway, so getting a fix on how good the rate is may not be possible to compare. That said, the rate is generally always close to the interbank as a result of HMGs purchasing power (or prowess) but because of the time line, it’s difficult to make a direct comparison with the likes of Wise and others in this respect. We have our State pensions paid direct in Euro to our French Bank account by HMG but the others are paid in Sterling since the providers agency (an American company) seems to like to take their “cut”.
One advantage of being retired perhaps… I think I mentioned above that I have constructed my own spreadsheet as a financial tool for keeping track of our pensions giving 3 tables:
T1 Pensions in € /remainder in ECB/specified Use rate;
T2 Pensions due in Sterling converted to ECB/Use rate equivalent;
T3 T2 based only on Annualised ECB rate
I print out the spreadsheet at the end of the year and keep it with my year end tax return papers on file. along with any other sources of reference/advice applicable to that years return.
My spreadsheet automatically separates the figures for:
Declarant 1
Declarant 2
Government 1
Non Government 1
1 for each declarant
in a format to make filling in the return as simple as it can be.
Yes, I’ll have to get going on a spreadsheet - yours looks a practical approach. Not so difficult as each month I do a ‘Wise’ transfer for the rent.
I’ve found at the moment timing is everything - From November to now the rate has moved between 1.06 and 1.18 - that’s almost a 100 euro’s difference on the bill. Went from hitting 1.18 to 1.15 in 3 days from the 5th April…
For state pension in practical terms a comparison could be done? - because effectively you would compare the euro amount to what you would get doing a Wise transfer the day it would be paid in sterling? As if it was being paid sterling that’s what you might do?
Sorry if drifting slightly off topic here into currency hedging / speculation - I’m finding the key issue is not which box to put a number in, it’s determining the numbers themselves!
I transfer my other pensions from the UK myself, picking my day slightly, but the State Pension is paid directly into my French bank account and has always seemed to be at a very good rate, so I’ve left things as they are. There are more fun things I can do with my time
Interesting. Always good practice to use all your rights to allowances - and nice to see the flat rate teleworking one is more generous than the UK - not that frontaliers will be claiming that!
Scrolling down, there is a section on allowances for children dependents. They go up to age 25 and I think one can deduct the payments to them when they are in Uni or minimum wage etc- which I have done (made payments), and will do quite a lot for one of the sprogs.
Anyone actually claimed allowances in France for supporting kids in the Uk at Uni, or on low wage? These aren’t maintenance payments- they’re voluntary payments to help them.
As its the first tax declaration and its for a month, it probably won’t make any difference to tax as there won’t be any due anyway, but wonder if I should ‘declare’ my offspringthis year ready for next year’s 2021 declaration when it may indeed make a difference?
And if anyone does so (for UK resident sproglings) as ever, what boxes?
Might be a reasonable thing to do, even if no payment is expected or likely to be received, just so that there are no surprises when they suddenly “pop up” on a future occasion inviting the possibility of a contrôle.
Look through the How To reference above to see if it is mentioned.
Hello Graham don’t know whether you can help or not just completing return and at last minute so near yet so far away will not let me complete until I fill in another box it is for income received from uk rental property I have filled in amount on 2047K transfered amount to form 2042 4BL and included sum in box 8TK but they are telling me I need to complete another box poss 4BA2 is this correct never had to complete this box before I have looked everywhere I can to try and solve this yet can’t find an answer would be very grateful if you have any idea thanks
I completed my first application online this afternoon, and saw the section about students. My son was born in Paris but we moved back when he was 6. He is now studying at uni in the UK, so I thought I’d try to claim.
I could put on the form that he was born in dept 75, but I couldn’t work out how to put he lives at a UK address, as the dept number was a drop down field without the usual 99 for “étranger”. I gave up in the end and took the dog for a walk instead.
I’ve just completed mine and it most certainly didn’t remember a damn thing I filled in last year…had to painstakingly re-do all 8 (in my case) 3916 forms with exactly the same details as last year. What you can do is view your forms from the previous year on a separate page but you have to start from scratch on the current year…no auto-fill sadly.
Another gripe is that the button to move back to the previous page doesn’t work, so you have to go right to the end and then right back to the beginning if you want to review anything…a major pain in the neck in what is already a frustrating process.
I updated the information on the 3916 in this thread a little while ago.
It’s a new form this year incorporating the 3916-BIS so doesn’t remember the previous submission but AFAIK it will remember it next year
I haven’t done ours yet so unable to comment on the back button but you can leave off at any time and go back over the submission before committing it.
In another thread regarding the 3916 form it has been written:
“For Transferwise as an example, the money is transferred via THEIR account to my account and they say that I do not have a declarable account with them.”
I think that is very bad advice by Wise (indeed, very unwise) given that there are substantial fines for not declaring these types of account - even more so now that the 3916 incorporates the 3916-BIS which was previously perhaps less clear.
Personally, I would never advise anyone not to declare foreign accounts and I believe that Wise are entirely wrong to place their customers in such a position unnecessarily.
If the fisc tell you specifically that you need not declare the account, that of course would be a different matter entirely (but I would want it in writing). @Danielle_Robins
Their argument is based on previous year’s requirements and I advised them that the French rules changed in 2021 and their advice is therefore out of date.
I can’t believe I am the only one to have contacted them on this issue though! So can only assume they are burying their heads in the sand or not communicating the information to their customer service personnel.
Shame as my experience with them has always been good…
