How to do your Revolut taxes in 2024

Revolut is a global neobank and fintech company founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. Revolut is renowned for its user-friendly accounts that offer currency exchange, debit cards, virtual cards, Apple Pay, interest-bearing 'vaults', stock trading, cryptocurrencies, commodities, and more.

Since 2017, Revolut has also been offering cryptocurrency services, including trading in cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

How are cryptocurrency transactions on Revolut taxed?

Cryptocurrency transactions on Revolut are subject to taxation based on your country's laws. This can include capital gains tax, income tax, or other relevant taxes on crypto activities. For precise information tailored to your country, visit Divly's guides where you can find specific tax guidance for your country.

How to Use a Crypto Tax Calculator for Your Revolut Taxes

Divly is a cryptocurrency tax software designed to simplify the process of declaring your crypto taxes, no matter where you reside. With products tailored to the local tax regulations of numerous countries, Divly makes it easy for you to comply with your local tax obligations. Learn more about the countries Divly supports here.

To get started, simply upload your Revolut transaction history to Divly. The platform will then perform the necessary capital gain calculations and generate a localized report specific to your country.

Step 1: Export Your Revolut Transaction History

Revolut provides a downloadable CSV file that enables you to track your transactions. This file is essential for including your transactions in your tax calculations.

File import

You can import your transactions from Revolut to Divly by downloading and importing a CSV file. Make sure to download and upload the CSV file to Divly every time you want to update your transactions on Divly.

1. Sign in to Revolut on your computer (not your phone).

2. Choose the Crypto tab.

3. Click on the cryptocurrency you want to download a statement for, e.g. BTC.

4. Click the button Statement.

5. Choose Excel -> Select your full trading history -> click Generate. A file will download.

6. Repeat the above steps until you have one file for each cryptocurrency (BTC, ETH, ADA, etc). Include also the ones that you no longer own but previously traded.

7. In Divly, drag and drop the CSV files to where it says Upload CSV. Divly will import the transactions.

Step 2: Calculate Your Cryptocurrency Taxes

After compiling your transaction history, the next step involves calculating your taxes in accordance with the standards set by your local tax authority. You have several options to consider:

• Perform the calculations yourself using software like Excel.

• Utilize a service such as Divly, which offers an automated tax calculation solution at an affordable price.

• Hire a tax advisor who charges for their services by the hour.

Each method comes with its own set of pros and cons, and your choice will depend on your budget and how comfortable you are with tax matters. Since tax laws can differ significantly from one country to another, this could also influence your decision.

Step 3: Declare your cryptocurrencies to the tax administration

Each country has separate steps to declare your cryptocurrency taxes.

All of our country specific crypto tax guides will include a section on how to declare your cryptocurrency taxes to the local tax administration. Please search for your country on our tax guides page to find the steps needed for your declaration. A few selected countries can be found below.

FAQ

Can the tax authorities find out about my crypto on Revolut? 🇪🇺

Yes, tax authorities can find out about your crypto activities on Revolut. Due to the new EU Directive DAC8, effective from January 1, 2026, cryptocurrency platforms will be required to share aggregated data on EU citizens' trading activities with tax authorities in their countries of residence, making it possible for tax offices to gain insight into your Revolut trading activities.

Can the HMRC find out about my crypto on Revolut? 🇬🇧

Under the new Crypto Asset Reporting Framework (CARF) outlined here, it's highly likely that HM Revenue & Customs (HMRC) will be informed of your crypto transactions on platforms like Revolut.

Set to take effect in 2027, this framework mandates that all crypto asset platforms report aggregated data on the trading activities of UK residents to the tax authorities. This means HMRC will be able to access information on your crypto trading activities.

Does Revolut report to the IRS? 🇺🇸

Revolut primarily shares tax information with the Lithuanian authorities, as detailed on their official help page. It is then up to these authorities to distribute this information to other tax jurisdictions as necessary.

However, it's important to note that from January 2023, the IRS has introduced new regulations requiring crypto asset brokers, including Revolut, to share Form 1099 with both the IRS and their users. This form contains detailed information on your crypto transactions. This change comes as part of broader legislation aimed at enhancing transparency in crypto asset transactions, as outlined in the Infrastructure Investment and Jobs Act.

Are there penalties for not declaring my Revolut taxes?

In most countries, if you fail to declare your crypto taxes either due to negligence or intentionally and this is discovered then you will face penalties. Most countries will usually decrease the penalties if you are proactive in correcting any omissions, in an effort to encourage you to correct your mistakes.

Note that once the tax authorities notify you of your omissions it is no longer possible to benefit from a voluntary correction.

What is the difference between Revolut and a bank?

Revolut operates more like a financial technology company rather than a traditional bank. While it offers many services similar to those of banks, such as currency exchange, debit and credit cards, and personal loans, it does so through a digital-first approach, often with lower fees and more flexibility.

In the US, Revolut partners with established banks for some of its services, ensuring that users' funds are protected similarly to traditional bank accounts. However, Revolut's primary focus on technology allows it to innovate and offer services beyond what traditional banks can, such as cryptocurrency exchange and peer-to-peer payments.

Can Revolut be Trusted

Yes, Revolut can be trusted for managing your money, provided you take standard precautions as you would with any financial platform. Revolut uses advanced technology to protect customers and their accounts, including automated and manual processes to prevent fraud.

In the European Economic Area, Revolut operates under a full banking license, with depositors' money protected through deposit insurance schemes. Their commitment to security, alongside the regulations they adhere to, makes Revolut a safe choice for managing your finances.

Is Revolut a Crypto Wallet or Exchange?

Revolut functions as both a crypto exchange and a limited wallet. It allows users to buy, sell, and exchange over 130 cryptocurrencies, including Bitcoin and Ethereum, directly within its app. Revolut also offers the capability to transfer BTC, ETH, USDT, and 30+ other tokens between external wallets and Revolut, providing a blend of exchange services with some wallet functionalities. However, the emphasis is on the convenience of trading and managing cryptocurrencies rather than serving as a dedicated crypto wallet.

How Much does Revolut charge for crypto?

Revolut's crypto exchange fees range from 0.49% to 1.49% based on your subscription plan, with the Metal plan offering the lowest fees at 0.49%. There's a minimum fee of £1.49 for crypto exchanges. Withdrawal fees start from £1, while deposit fees are £0. Stablecoin exchange fees are 0%, with fair usage limits applying to all exchanges.

Can you buy Bitcoin on Revolut?

Yes, you can buy Bitcoin on Revolut. The platform provides access to over 130 cryptocurrencies, including Bitcoin (BTC). With competitive fees as low as 0.49% depending on your subscription plan, Revolut offers an accessible way to buy Bitcoin.

Can you buy Ethereum on Revolut?

Yes, Ethereum is available for purchase on Revolut. As part of its offering of over 130 tokens, Ethereum (ETH) can be bought, sold, and exchanged directly within the Revolut app. This makes Revolut a convenient platform for users looking to buy Ethereum.