Revolut asking for PPS number

loki7777 · 05-05-2021 1:52pm #1

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?

CoBo55 · 05-05-2021 1:54pm

I got that message too.

Looptheloop30 · 05-05-2021 1:56pm

Tax man

68 lost souls · 05-05-2021 2:38pm

I got asked this week too

GBX · 05-05-2021 2:47pm

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

bennyineire · 05-05-2021 3:23pm

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

SureYWouldntYa · 05-05-2021 3:25pm

GBX wrote: »

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

bennyineire wrote: »

"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.

ThomondBardamu · 05-05-2021 9:03pm

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.

bingobars · 05-05-2021 9:58pm

bennyineire wrote: »

"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?

relax carry on · 05-05-2021 10:13pm

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"

Panrich · 07-05-2021 10:58am

ThomondBardamu wrote: »

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/

Canonfan · 07-05-2021 11:22am

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.

evster · 09-05-2021 9:45am

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

makeorbrake · 09-05-2021 11:22am

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.

richie123 · 09-05-2021 11:48am

ThomondBardamu wrote: »

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 ?

grindle · 09-05-2021 2:53pm

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.

09-05-2021 2:55pm

evster wrote: »

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

They will shut you down

Bobeagleburger · 10-05-2021 7:13am

Why wouldn't you share your pps number?

10-05-2021 7:46am

Panrich wrote: »

The times are a changin' there.

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

Only for premium subscribers

phishcakes · 10-05-2021 8:53am

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

Wetbench4 · 10-05-2021 9:33am

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.

harmless · 11-05-2021 5:48am

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.

loki7777 · 11-05-2021 11:45am

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

yabadabado · 11-05-2021 11:49am

Panrich wrote: »

The times are a changin' there.

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

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.

harmless · 11-05-2021 4:22pm

correct horse battery staple wrote: »

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.

Potatoeman · 12-05-2021 11:33am

correct horse battery staple wrote: »

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.

TheValeyard · 12-05-2021 12:40pm

correct horse battery staple wrote: »

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.

Revolut asking for PPS number

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