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Revolut asking for PPS number

  • 05-05-2021 12:52pm
    #1
    Registered Users Posts: 1,060 ✭✭✭ loki7777
    Registered User


    Hi
    I'm new to crypto and using revolut to buy it and today a message pop out that they are missing some of my revenue information - when I clicked it they are asking to pick up a country and then for my pps number.
    Is it normal?


Comments

  • Registered Users Posts: 6,097 ✭✭✭ CoBo55
    Registered User


    I got that message too.


  • Registered Users Posts: 210 ✭✭ Looptheloop30
    Registered User


    Tax man


  • Registered Users Posts: 3,900 ✭✭✭ 68 lost souls
    Registered User


    I got asked this week too


  • Registered Users Posts: 11,501 ✭✭✭✭ GBX
    Registered User


    To what level do you need to declare to the tax man? I've been doing small transactions with very small amounts.


  • Registered Users Posts: 2,370 ✭✭✭ bennyineire
    Registered User


    GBX wrote: »
    To what level do you need to declare to the tax man? I've been doing small transactions with very small amounts.

    "The first €1,270 of taxable gains in a tax year are exempt from CGT. If you are married or in a civil partnership, this exemption is available to each spouse or civil partner but is not transferable."

    https://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_gains_tax.html#:~:text=The%20first%20%E2%82%AC1%2C270%20of,partner%20but%20is%20not%20transferable.

    So profits over €1270 are taxed but any losses can be written off against that I believe


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  • Registered Users Posts: 7,611 ✭✭✭ SureYWouldntYa
    Registered User


    GBX wrote: »
    To what level do you need to declare to the tax man? I've been doing small transactions with very small amounts.
    "The first €1,270 of taxable gains in a tax year are exempt from CGT. If you are married or in a civil partnership, this exemption is available to each spouse or civil partner but is not transferable."

    https://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_gains_tax.html#:~:text=The%20first%20%E2%82%AC1%2C270%20of,partner%20but%20is%20not%20transferable.

    So profits over €1270 are taxed but any losses can be written off against that I believe

    Above is correct, but it still must be reported every year even if below the limit.

    That's the rules anyway, enforcement is a different story.


  • Registered Users Posts: 6 ThomondBardamu
    Registered User


    loki7777 wrote: »
    Hi
    I'm new to crypto and using revolut to buy it and today a message pop out that they are missing some of my revenue information - when I clicked it they are asking to pick up a country and then for my pps number.
    Is it normal?

    I'd get your own wallet and buy from an exchange such as coinbase or binance if you can

    You've very little control over your crytocurrency if buying off revolut. The only option is to sell back to Revolut.


  • Registered Users Posts: 157 ✭✭ bingobars
    Registered User


    "The first €1,270 of taxable gains in a tax year are exempt from CGT. If you are married or in a civil partnership, this exemption is available to each spouse or civil partner but is not transferable."

    https://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_gains_tax.html#:~:text=The%20first%20%E2%82%AC1%2C270%20of,partner%20but%20is%20not%20transferable.

    So profits over €1270 are taxed but any losses can be written off against that I believe

    So marriage or CP doesn’t change a thing? What’s the point in it being mentioned then?


  • Registered Users Posts: 3,855 ✭✭✭ relax carry on
    Registered User


    bingobars wrote: »
    So marriage or CP doesn’t change a thing? What’s the point in it being mentioned then?

    Because people think it does; so it has to be included so people won't try to double up on the annual exemption. Think of it along the lines of why must we warn people "contents may be hot"


  • Registered Users Posts: 3,482 ✭✭✭ Panrich
    Registered User


    I'd get your own wallet and buy from an exchange such as coinbase or binance if you can

    You've very little control over your crytocurrency if buying off revolut. The only option is to sell back to Revolut.

    The times are a changin' there.

    https://www.pymnts.com/cryptocurrency/2021/revolut-debuts-withdrawals-bitcoin/


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  • Registered Users Posts: 1,004 ✭✭✭ Canonfan
    Registered User


    Sorry to hijack the thread, I'm new to this and looking to add some Cryptocurrency to my investment.

    What is the difference between using Revolut and Coinbase, or even eToro?


    Thank you in advance.


  • Registered Users Posts: 39 evster
    Registered User


    What happens if you don't share your PPS number?


  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake
    Registered User


    loki7777 wrote: »
    Hi
    I'm new to crypto and using revolut to buy it and today a message pop out that they are missing some of my revenue information - when I clicked it they are asking to pick up a country and then for my pps number.
    Is it normal?
    I haven't come across that before with anyone else but I'd still say that it's the type of thing generally that's normal. It's just a part of their compliance.
    There's nothing for you to fear with this - unless you have some foolish intention of not paying your taxes. During the week, it emerged that the IRS has gotten authorisation from the courts to request customer info from Kraken re. all US customers
    that have transacted more than $20k in crypto between 2016-2020. Expect every tax authority to do the same thing in their own sweet time.
    I had to lie on that Revolut tax residency question as I would imagine they would take my account away from me if I confirmed a tax residency in a market that they don't support. Their product is useful to me right now so I'd prefer not to lose access to it.


  • Registered Users Posts: 787 ✭✭✭ richie123
    Registered User


    I'd get your own wallet and buy from an exchange such as coinbase or binance if you can

    You've very little control over your crytocurrency if buying off revolut. The only option is to sell back to Revolut.

    Is etorro the same as revolut similar system ?


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    richie123 wrote: »
    Is etorro the same as revolut similar system ?

    Yep. If you don't have the opportunity to move "your" crypto into your own wallet and do with it what you want, it's not your crypto. You're renting somebody else's crypto.


  • Registered User


    evster wrote: »
    What happens if you don't share your PPS number?

    They will shut you down


  • Registered Users Posts: 43,869 ✭✭✭✭ 6
    Registered User


    Why wouldn't you share your pps number?


  • Posts: 0 ✭✭✭ Serenity Raspy Second
    Registered User


    Panrich wrote: »

    Only for premium subscribers


  • Registered Users Posts: 318 ✭✭ phishcakes
    Registered User


    I use Revolut out of pure handiness, instant transactions, I’ve heard exchanges like coinbase, binance etc can take days per transaction


  • Moderators, Music Moderators Posts: 19,597 Mod ✭✭✭✭ Mr.S
    Moderator


    evster wrote: »
    What happens if you don't share your PPS number?

    They eventually lock your account.

    There should be no reason to not give Revolut your PPS unless you are purposely trying to avoid any tax declarations - and if you where, then you wouldn't be using Revolut!


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  • Registered Users Posts: 1,230 ✭✭✭ Wetbench4
    Registered User


    I'm new to this too, started last month using uphold and bought a few different coins including doge, then I realised that uphold don't give you your wallet address for doge (they do for the main ones)so I moved to binance. Binance is not as straightforward as uphold but I'm getting the hang of it, and at least I actually own my doge now. I tried to setup revolut but they wanted my passport which is currently out of date, so until i get that sorted, i'm using a bankcard to input funds.


  • Registered Users Posts: 797 ✭✭✭ harmless
    Registered User


    phishcakes wrote: »
    I use Revolut out of pure handiness, instant transactions, I’ve heard exchanges like coinbase, binance etc can take days per transaction
    I don't have Revolut but I believe what you buy on there is more like an IOU, so when it comes to changing back to fiat they can charge you whatever rate they want. So you don't really own crypto on Revolut.
    If you actually own it in your own crypto wallet you can sell on the exchange that gives you the best rate.

    As for transaction times for crypto it usually depends on how much you are willing to pay in transaction fees. If the network is not busy you can get a transaction in 5 seconds at a fair rate but like all things crypto price is volatile.
    If you pay more transactions fees it's like tipping the miners to skip the queue as they will proprieties the most valuable transactions fees.
    There are sites to calculate fees and transaction times.


  • Registered Users Posts: 1,060 ✭✭✭ loki7777
    Registered User


    So what would be the best place to keep and buy crypto?


  • Registered Users Posts: 6,482 ✭✭✭ correct horse battery staple
    Registered User


    loki7777 wrote: »
    So what would be the best place to keep and buy crypto?

    buy/sell on kraken.com used them for long long time

    for storage use a hardware wallet such as trezor

    dont keep your crypto on exchanges, thats a lesson i learned the hardway over last 10 years


  • Registered Users Posts: 16,308 ✭✭✭✭ yabadabado
    Registered User


    Panrich wrote: »

    Only if you are a premium subscriber .
    I would avoid Revolut ,their fees are high.
    Binance is one I use regularly and can't fault it.


  • Registered Users Posts: 797 ✭✭✭ harmless
    Registered User


    buy/sell on kraken.com used them for long long time

    for storage use a hardware wallet such as trezor

    dont keep your crypto on exchanges, thats a lesson i learned the hardway over last 10 years

    Exodus works fine for me and I'm not locked to any market but I understand it's only as secure as my PC or phone is.

    Trezor is much safer of course.


  • Registered Users Posts: 3,547 ✭✭✭ Potatoeman
    Registered User


    buy/sell on kraken.com used them for long long time

    for storage use a hardware wallet such as trezor

    dont keep your crypto on exchanges, thats a lesson i learned the hardway over last 10 years

    Also look into what you need to move them to and from the wallet. Do small transfers first so you don’t mess up and lose them either.


  • Registered Users Posts: 10,661 ✭✭✭✭ TheValeyard
    Registered User


    buy/sell on kraken.com used them for long long time

    for storage use a hardware wallet such as trezor

    dont keep your crypto on exchanges, thats a lesson i learned the hardway over last 10 years

    Currently learning this lesson the hard way.

    Fcuk Putin. Glory to Ukraine!



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