Do I need to authorise my Revolut account?

One of the issues that arouses the most interest is the inclusion of a Revolut account in the VAT white list. It's worth noting that accounts managed by Revolut are not included in this list. This means that if you're a business and use your Revolut account to receive payments, you won't be able to add it to your list of VAT-registered entities.

Revolut confirms this information and clarifies that the virtual technical accounts offered by the platform are not considered settlement accounts under banking law and are not listed by the head of the national tax administration. This is important from the point of view of the legislation on VAT settlements, which has been in force since 1 January 2020.

Tax consequences of using Revolut

While a Revolut account does not have to be reported on the VAT whitelist, it is worth noting that using this financial platform has tax implications. First of all, if you run a business and receive payments for your services or products through Revolut, you are obliged to settle this income with the tax office.

For individuals who use Revolut to transact, there may also be tax obligations. Revenues obtained from such transactions are subject to personal income tax. The crypto tax on Revolut is regulated in the same way as other platforms that allow the trading of virtual currencies and securities. The settlement is done via PIT-38, which must be submitted by the end of April of the year following the tax year.

Whether you're using Revolut for business or personal purposes, it's important to keep proper financial records and be prepared to settle this income with the tax authority.