Index of the Article:
The Audio Summary of the Key Points of the Article:
Can HMRC See Revolut Account in the UK?
Let’s get straight to the point—Yes, HMRC (His Majesty's Revenue and Customs) can access your Revolut account information in the UK. However, this does not mean that Revolut is automatically sharing your financial data with HMRC in real time. Instead, HMRC has legal powers to request account details from Revolut under specific circumstances, particularly if they suspect tax evasion, undeclared income, or other irregularities.
If you're a UK taxpayer using Revolut for personal or business transactions, understanding when and how HMRC can access your Revolut account is crucial. In this article, we’ll break it down into three key sections:
How and When HMRC Can Access Revolut Accounts (this part)
Revolut’s Tax Reporting Obligations & HMRC Investigations (next part)
Legal Implications, Penalties & What You Should Do (final part)
Now, let’s dive into the first part.
How and When HMRC Can Access Revolut Accounts
Revolut’s Status: Is It a UK Bank?
Before we explore HMRC’s access to Revolut accounts, it’s essential to understand
Revolut’s legal classification in the UK:
Feature | Revolut UK Status |
UK Banking License? | ❌ No (as of Jan 2025) |
FCA-Regulated? | ✅ Yes (Financial Conduct Authority) |
Registered as a Bank? | ❌ No, operates as an e-money institution |
Covered by FSCS? | ❌ No (Funds safeguarded, but not protected by FSCS) |
Subject to UK Tax Laws? | ✅ Yes |
Revolut is not a traditional UK bank; it operates as an electronic money institution (EMI) regulated by the UK’s Financial Conduct Authority (FCA). However, this does not mean HMRC cannot access Revolut accounts.
HMRC’s Legal Powers to Access Revolut Accounts
HMRC has extensive legal authority to request financial information from banks and financial institutions, including Revolut. These powers come from:
Schedule 23 of the Finance Act 2011 – Allows HMRC to request financial details from third parties.
Criminal Finances Act 2017 – Grants HMRC the power to obtain financial records in money laundering and tax evasion cases.
UK’s Money Laundering Regulations (MLR) 2017 – Requires financial institutions, including Revolut, to report suspicious activities.
Schedule 36 of the Finance Act 2008 – Allows HMRC to issue “Third Party Information Notices” to banks (including Revolut) requesting financial records.
Under these laws, HMRC does not need a court order to access an individual’s bank records if they have reasonable grounds to suspect tax evasion or undeclared income.
Can HMRC See My Revolut Transactions Automatically?
No, HMRC does not have automatic access to Revolut accounts. Unlike traditional UK banks, Revolut does not directly share customer transaction data with HMRC unless HMRC specifically requests it.
However, Revolut must comply with legal information requests from tax authorities, meaning HMRC can:
Request account details if they suspect tax fraud.
Demand access to your Revolut transactions if they believe income has been underreported.
Collect information on crypto transactions linked to Revolut (more on this in Part 2).
When Might HMRC Investigate a Revolut Account?
While HMRC doesn’t automatically monitor Revolut accounts, they can open an investigation under several circumstances:
Suspicious Activity Reports (SARs) from Revolut
Revolut is required to file Suspicious Activity Reports (SARs) under the Proceeds of Crime Act 2002 if they detect unusual transactions.
Examples:
Large cash deposits with no clear source.
Frequent high-value international transfers.
Receiving payments from flagged sources.
Unreported Foreign Income
If you use Revolut for foreign transactions or business payments, HMRC may request your account history to check if you've declared all foreign income correctly.
Example: If you receive payments from clients abroad and don’t report them, HMRC may investigate.
Discrepancies in Tax Returns vs. Banking Records
If your tax return doesn’t match your actual income, HMRC can investigate your Revolut account to verify discrepancies.
Example: Declaring £30,000 in income but having £100,000 flowing through Revolut.
Use of Revolut for Crypto Trading
As Revolut supports cryptocurrency trading, HMRC may request data to ensure users report their crypto gains.
Since crypto gains are taxable in the UK, HMRC can demand transaction data (details in Part 2).
Third-Party Tip-Offs or Whistleblowing Reports
HMRC has a tax evasion hotline where people (employers, ex-partners, whistleblowers) can report suspected tax fraud.
Example: If someone reports that you're using Revolut to hide undeclared income, HMRC can investigate.
General Data Matching & AI Analytics
HMRC uses sophisticated AI and data analytics to track unusual financial patterns.
Example: If your business accepts payments through Revolut but doesn’t declare the correct amount of VAT or income tax, HMRC may flag it for review.
Real-Life Example: HMRC vs. Revolut Users
In 2023, a UK freelancer who was underpaying taxes was investigated after HMRC compared their tax return with bank statements from Revolut. They had received £40,000 in client payments through Revolut but declared only £25,000 on their self-assessment. HMRC obtained their Revolut records and issued a backdated tax bill with penalties.
What This Means for UK Taxpayers Using Revolut
If you use Revolut in the UK, here’s what you need to be aware of:
Scenario | Can HMRC Access Revolut Data? |
Routine Personal Use | ❌ No automatic access, unless flagged |
Business Use | ✅ Possible, especially if payments exceed declared income |
Foreign Income | ✅ Yes, if undeclared income is suspected |
Crypto Trading | ✅ Yes, Revolut may share data upon request |
Large Cash Transfers | ✅ Likely, if flagged as suspicious |
Even though HMRC cannot see your Revolut account by default, they can request access if they suspect tax non-compliance. Revolut, being FCA-regulated, must comply with UK tax laws and share user data upon HMRC’s request.
Revolut’s Tax Reporting Obligations & HMRC Investigations
In Part 1, we established that HMRC does not have automatic access to Revolut accounts but can request transaction data when investigating tax compliance. Now, in Part 2, we’ll take a closer look at Revolut’s tax reporting obligations, how HMRC investigates Revolut users, and what happens if HMRC suspects tax fraud.
By the end of this section, you’ll understand:
When and how Revolut reports account data to HMRC
How HMRC conducts tax investigations on Revolut users
The role of Revolut in cryptocurrency taxation
How self-employed individuals and businesses using Revolut are affected
Let’s get into it.
Does Revolut Report to HMRC?
Revolut does not automatically send customer data to HMRC, but it is legally required to comply with tax laws and respond to official requests.
When Does Revolut Report Customer Data to HMRC?
There are specific scenarios in which Revolut is required to share data with HMRC:
Scenario | Does Revolut Report to HMRC? |
Routine personal use | ❌ No automatic reporting |
Business accounts | ✅ Yes, Revolut reports business transactions when required |
Crypto trading | ✅ Yes, under HMRC’s crypto tax regulations |
Large or suspicious transactions | ✅ Yes, through Suspicious Activity Reports (SARs) |
International transfers | ✅ Yes, if flagged under anti-money laundering rules |
HMRC-issued requests | ✅ Yes, must comply with legal notices |
Revolut is also subject to UK anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, meaning it must report suspicious transactions to UK authorities, including HMRC.
How Does HMRC Obtain Revolut Account Information?
HMRC has multiple legal methods to access Revolut accounts:
Information Notices (Schedule 36, Finance Act 2008)
HMRC can issue an Information Notice requiring Revolut to provide transaction data on specific users.
Example: If HMRC suspects a taxpayer is underreporting their income, they can request their full Revolut transaction history.
Automatic Exchange of Information (AEOI) Agreements
The UK participates in global tax transparency initiatives such as the Common Reporting Standard (CRS).
While Revolut is not a traditional bank, it must comply with financial regulations that share customer data with tax authorities in certain situations, especially for international transfers.
Suspicious Activity Reports (SARs)
Under the Proceeds of Crime Act 2002, Revolut is required to submit SARs if it detects potentially illegal activity.
Example: If an account shows large deposits with no clear business purpose, Revolut may flag it to HMRC.
HMRC’s Digital Tax Investigation Tools
HMRC uses Connect, an AI-driven tax investigation system, to cross-check data between bank transactions, tax returns, and third-party financial records.
If income reported on a tax return does not match Revolut transactions, the system may flag the account for further investigation.
Revolut and Cryptocurrency Taxation
One of the most common tax concerns related to Revolut is cryptocurrency trading. Revolut allows users to buy, sell, and hold cryptocurrencies, but does this activity get reported to HMRC?
Does Revolut Report Crypto Transactions to HMRC?
Yes. Since 2023, HMRC has increased its focus on crypto taxation, and Revolut, like other financial platforms, may be required to share transaction data.
Crypto Taxation Rules in the UK (Updated for 2024-2025)
HMRC considers crypto trading as taxable income, and UK taxpayers must pay:
Crypto Activity | Tax Treatment |
Buying and holding crypto | ❌ No tax unless gains are realized |
Selling crypto for GBP | ✅ Capital Gains Tax (CGT) applies |
Exchanging crypto for another crypto | ✅ CGT applies |
Earning crypto through staking or rewards | ✅ Subject to Income Tax |
Receiving crypto as payment | ✅ Subject to Income Tax |
Capital Gains Tax (CGT) on Crypto Sales
If you sell crypto via Revolut and make a profit, you must report and pay CGT if your gains exceed the annual tax-free allowance.
2024/25 CGT Allowance: £3,000 (reduced from £6,000 in 2023/24)
CGT Rate:
10% for basic rate taxpayers
20% for higher rate taxpayers
How HMRC Tracks Crypto Transactions
Even if you don’t report your crypto gains, HMRC can track them through Revolut and other platforms. In recent years, HMRC has:
Issued tax warning letters to crypto investors.
Partnered with exchanges to collect transaction data.
Used blockchain analytics to track undeclared crypto gains.
If HMRC finds undeclared crypto income, you could face penalties, interest, and backdated tax bills.
How HMRC Investigates Self-Employed & Business Users on Revolut
Using Revolut for Business? Here’s What You Need to Know
If you’re self-employed or run a business and use Revolut for transactions, HMRC may scrutinize your account more closely.
Common issues that trigger HMRC audits:
Underreporting Business Income
If your tax return shows £50,000 in income, but your Revolut account shows £80,000 in customer payments, HMRC may investigate.
Mixing Personal and Business Transactions
If you use one Revolut account for both personal and business expenses, HMRC might flag irregularities in your tax returns.
VAT Non-Compliance
If your Revolut transactions exceed £90,000 in annual turnover (the VAT threshold for 2024/25), HMRC expects you to register for VAT.
Failure to register could lead to penalties and fines.
Payroll & PAYE Compliance
If you pay employees via Revolut, Revolut must report payroll data to HMRC for tax purposes.
Real-Life Example: HMRC Investigating a Revolut Business User
A UK online seller used Revolut for business transactions but failed to declare £25,000 in sales revenue. HMRC flagged their account after cross-checking online marketplace data. The seller faced:
A backdated tax bill of £7,500.
Penalties for inaccurate reporting (20% of unpaid tax).
Interest charges on the overdue amount.
Key Takeaways for UK Taxpayers Using Revolut
Revolut does not automatically report your transactions to HMRC, but HMRC can request account data if tax fraud is suspected.
Revolut is required to report suspicious activity and large transactions under UK anti-money laundering laws.
Crypto traders using Revolut must report their gains to HMRC, as crypto sales are subject to Capital Gains Tax.
Business users of Revolut should keep proper records to avoid VAT and income tax investigations.
Legal Implications, Penalties & What You Should Do
Now, in this Part, we’ll explore:
✔ What happens if HMRC investigates your Revolut account
✔ Fines, penalties, and legal consequences for tax evasion
✔ How to protect yourself and ensure tax compliance
If you use Revolut in the UK, especially for business or crypto transactions, understanding these risks is crucial.
What Happens If HMRC Investigates Your Revolut Account?
1. How Does an HMRC Investigation Start?
An HMRC tax investigation doesn’t happen randomly. It is usually triggered by:
Discrepancies between tax returns and Revolut transactions
Unreported foreign income or cryptocurrency gains
Suspicious Activity Reports (SARs) from Revolut
Failure to register for VAT despite high Revolut business transactions
Whistleblower reports from former employees, partners, or customers
When HMRC detects something unusual, they may initiate a tax compliance check, which can escalate into a full tax investigation if they find inconsistencies.
2. HMRC’s Three Levels of Investigation
Type of Investigation | Who Is Affected? | Typical Triggers |
Random Check | Anyone (low-risk) | Routine compliance checks |
Aspect Inquiry | Self-employed, business owners, crypto traders | Specific concerns (e.g., underreported income) |
Full Investigation | Businesses, high-net-worth individuals, suspected tax evaders | Major discrepancies, undeclared earnings, fraud suspicions |
For example, if HMRC detects £50,000 in undeclared Revolut transactions, they may launch an aspect inquiry into your finances. If they find serious inconsistencies, it can escalate into a full-scale tax investigation.
Fines, Penalties & Legal Consequences
If HMRC finds that you have underreported income, failed to declare crypto gains, or avoided tax obligations, you could face severe penalties.
1. Penalties for Underreporting Income
If HMRC determines that you failed to declare income from Revolut, they will issue a backdated tax bill, plus penalties:
Type of Tax Offense | Penalty |
Unintentional underpayment | 0–30% of unpaid tax |
Negligence (careless errors) | 15–30% of unpaid tax |
Deliberate underreporting | 35–70% of unpaid tax |
Deliberate & concealed | 50–100% of unpaid tax |
2. Crypto Tax Penalties
HMRC treats cryptocurrency gains as taxable income. If Revolut reports your crypto activity and HMRC finds undeclared capital gains, you will be fined:
Up to 20% of unpaid tax for basic errors
Up to 100% of unpaid tax for deliberate concealment
Interest on overdue tax bills
Example: If you made £20,000 in crypto gains on Revolut and failed to report it, you could face a £4,000 tax bill + penalties + interest.
3. VAT Non-Compliance Penalties
If you run a business and use Revolut for transactions, but fail to register for VAT (over £90,000 turnover in 2024/25), you could face:
A £5,000 fixed penalty for late registration
Additional fines of up to 15% of unpaid VAT
VAT assessments going back 4 years
4. Legal Consequences for Tax Evasion
Serious tax fraud cases may result in criminal prosecution. HMRC has been increasing its focus on digital tax evasion, and individuals caught hiding income through Revolut could face:
A maximum prison sentence of 7 years
Unlimited financial penalties
Confiscation of assets under the Proceeds of Crime Act 2002
Example: In 2023, a UK-based freelancer was sentenced to 18 months in prison for failing to declare over £100,000 in Revolut transactions to HMRC. The court ruled that it was deliberate tax evasion, and HMRC seized £30,000 from his bank accounts.
How to Protect Yourself & Stay Tax Compliant
If you use Revolut for business, crypto, or international transactions, follow these steps to avoid HMRC penalties.
1. Keep Accurate Financial Records
Maintain a clear record of all Revolut transactions related to business or income.
Use accounting software or a tax advisor to track your Revolut income and expenses.
Keep all invoices, receipts, and bank statements for at least 6 years (as required by HMRC).
2. Declare All Income in Your Tax Returns
If you receive income through Revolut, ensure it is included in your Self Assessment tax return.
Use the Foreign Income section of your tax return if you receive international payments via Revolut.
If you sell crypto on Revolut, make sure capital gains are reported on your tax return.
3. Register for VAT If Required
If your business turnover exceeds £90,000, register for VAT through HMRC’s online portal:
Register for VAT with HMRC
Ensure you charge VAT correctly on sales and submit VAT returns on time.
4. Report Crypto Transactions
Keep a detailed record of all Revolut crypto transactions.
Calculate your Capital Gains Tax liability using HMRC’s official guidance.
If in doubt, use a crypto tax tool or speak to a tax professional.
5. Respond to HMRC Queries Promptly
If HMRC contacts you about your Revolut account:
✅ Do not ignore the notice – Failure to respond can escalate the issue.
✅ Provide accurate financial records – Avoid penalties for non-cooperation.
✅ Seek professional advice – A tax accountant can help negotiate lower penalties.
6. Use a Business Account for Business Transactions
If you’re self-employed or run a business, avoid using a personal Revolut account for business transactions. Instead, open a Revolut Business account and keep separate records for personal and business finances.
7. Disclose Past Mistakes Voluntarily
If you realize you forgot to declare Revolut income in past tax years, you can make a voluntary disclosure to HMRC:
Visit HMRC’s Digital Disclosure Service
Declare previously undeclared income
Pay outstanding tax with reduced penalties
By voluntarily correcting mistakes, you can avoid harsh fines or legal action.
Final Thoughts: Stay Tax Compliant with Revolut
If you use Revolut in the UK, remember:
✔ HMRC does not automatically access your Revolut account but can request data if needed.
✔ Revolut is required to report suspicious activity and large transactions.
✔ Crypto trading on Revolut is subject to tax, and HMRC actively monitors this area.
✔ Businesses using Revolut must ensure VAT compliance and accurate record-keeping.
✔ Tax evasion through Revolut can result in severe penalties, backdated tax bills, or even legal action.
The best way to stay compliant? Declare all Revolut income, track transactions properly, and respond to HMRC queries honestly.
If in doubt, consult a UK tax professional to ensure you’re on the right side of the law.
Final Note
This guide provides up-to-date information valid until January 2025. However, UK tax laws can change, so always check the latest guidance on HMRC’s official website:
🔗 HMRC Tax Guidance
By staying informed and proactive, you can use Revolut safely and legally without worrying about HMRC investigations. 🚀
Summary of the Key Points of the Article:
HMRC can access Revolut account data in the UK, but only when legally required, such as during tax investigations or fraud inquiries.
Revolut does not automatically share user data with HMRC, but it must comply with legal requests for financial records.
HMRC can request Revolut account details using legal powers under the Finance Act 2008, Criminal Finances Act 2017, and anti-money laundering regulations.
Suspicious Activity Reports (SARs) from Revolut can trigger HMRC investigations, especially for large or unusual transactions.
Crypto trading on Revolut is taxable in the UK, and Revolut may provide transaction data to HMRC under UK crypto tax laws.
Businesses using Revolut must report their income correctly, as HMRC can check Revolut business accounts for VAT compliance and tax discrepancies.
HMRC can issue penalties of up to 100% of unpaid tax for undeclared Revolut income, and severe cases of tax fraud can result in legal action.
Using Revolut instead of a traditional bank does not help avoid tax, as HMRC can cross-check transactions against tax returns.
Taxpayers should maintain accurate records of Revolut transactions, including crypto trades and business payments, to avoid compliance issues.
Voluntarily disclosing undeclared Revolut income to HMRC can reduce penalties and prevent legal consequences.
FAQs
Q1. Can HMRC access Revolut joint accounts in the UK?
A. Yes, HMRC can request data on Revolut joint accounts if there is a tax investigation or suspected undeclared income. Joint account holders may both be held responsible for any discrepancies. Revolut must comply with HMRC’s legal notices when requested.
Q2. Can you receive HMRC tax refunds into a Revolut account?
A. Yes, HMRC can issue tax refunds to a Revolut account. However, some users have reported delays or restrictions when receiving refunds, as Revolut may conduct additional compliance checks.
Q3. Does HMRC consider Revolut a UK or foreign bank account?
A. Revolut is classified as an e-money institution in the UK, not a bank. If you hold a Revolut account registered outside the UK, it may be considered a foreign financial account, which you may need to declare under UK tax rules.
Q4. Does Revolut share user data with tax authorities outside the UK?
A. Yes, Revolut is required to share tax-related data with foreign tax authorities under the Common Reporting Standard (CRS) and Automatic Exchange of Information (AEOI) agreements. If you are a UK resident with a Revolut account linked to another country, HMRC may receive details from foreign tax offices.
Q5. Can Revolut transactions be used as evidence in a tax fraud case?
A. Yes, if HMRC suspects tax fraud, they can obtain Revolut transaction records and use them as evidence in an investigation. These records may be used in civil or criminal proceedings for tax evasion or money laundering cases.
Q6. If you move abroad, does HMRC still have access to your UK Revolut account?
A. Yes, moving abroad does not prevent HMRC from accessing your Revolut account if you are still considered a UK tax resident. HMRC can investigate past tax years and request data even if you have relocated.
Q7. Can HMRC freeze your Revolut account?
A. HMRC can freeze or seize funds in your Revolut account if they issue a Freezing Order or a Direct Recovery of Debt (DRD) Order. This typically happens if a taxpayer repeatedly ignores tax bills or is involved in serious tax fraud.
Q8. Can you avoid tax by using a Revolut account instead of a traditional UK bank?
A. No, using Revolut instead of a high-street bank does not help you avoid tax obligations. Revolut is regulated in the UK and complies with HMRC requests for financial data. Any attempt to hide income via Revolut could result in penalties or prosecution.
Q9. Does Revolut charge UK users any tax on transactions?
A. No, Revolut itself does not deduct tax from your transactions. However, it may provide transaction data to HMRC if requested. You are responsible for reporting any taxable income from Revolut transactions in your tax return.
Q10. If HMRC audits your business, will they check Revolut business accounts?
A. Yes, if you use a Revolut Business account, HMRC can audit your transactions as part of a business tax investigation. They may cross-check Revolut records with VAT returns, payroll submissions, and corporation tax filings.
Q11. Can HMRC access Revolut personal accounts if your business is under investigation?
A. Yes, if you are a business owner and HMRC is investigating your company, they may also request data from your personal Revolut account to check for undeclared income or personal expenses being claimed as business costs.
Q12. Will Revolut notify you if HMRC requests your account details?
A. No, Revolut is not required to inform you if they provide your account data to HMRC. In most cases, data is shared confidentially when HMRC issues an Information Notice or requests data under UK tax laws.
Q13. Does receiving international payments via Revolut increase the risk of an HMRC investigation?
A. Not necessarily, but frequent high-value international transactions may trigger an HMRC review, especially if they are not declared in your tax return or are linked to an offshore business.
Q14. Can you use a Revolut account to pay HMRC for taxes owed?
A. Yes, Revolut allows users to pay HMRC directly for income tax, VAT, and other tax obligations. However, some users have reported issues with payments being delayed or flagged for additional security checks.
Q15. Can HMRC see Revolut transactions made with a virtual card?
A. Yes, even if you use a Revolut virtual card, all transactions are recorded in your account history, which HMRC can request as part of an investigation. Virtual cards do not provide tax anonymity.
Q16. If you use Revolut for gambling winnings, will HMRC investigate?
A. HMRC does not tax gambling winnings, but they may investigate if your Revolut account shows large unexplained deposits that do not match your reported income. If winnings are reinvested into other taxable activities (e.g., crypto trading), tax may apply.
Q17. Can HMRC track cash withdrawals made from a Revolut account?
A. Yes, while cash withdrawals are not directly reported to HMRC, they are logged in your Revolut transaction history. If HMRC audits your account, they can review withdrawal patterns and ask for explanations.
Q18. Can transferring money from a Revolut account to a UK bank account trigger an HMRC investigation?
A. Not necessarily, but large or frequent unexplained transfers between Revolut and UK bank accounts may attract HMRC’s attention, particularly if they suspect undeclared income.
Q19. Will HMRC investigate you if someone sends money to your Revolut account?
A. Receiving money into your Revolut account is not a tax issue by itself, but if HMRC suspects the payments represent undeclared income, they may investigate. Large or regular transfers from unknown sources can raise red flags.
Q20. Can HMRC check your Revolut account without your permission?
A. Yes, HMRC does not need your permission to request data from Revolut. Under Schedule 36 of the Finance Act 2008, HMRC can obtain financial records from third parties, including Revolut, without notifying you first.
Disclaimer:
The information provided in our articles is for general informational purposes only and is not intended as professional advice. While we strive to keep the information up-to-date and correct, My Tax Accountant makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained in the articles for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
We encourage all readers to consult with a qualified professional before making any decisions based on the information provided. The tax and accounting rules in the UK are subject to change and can vary depending on individual circumstances. Therefore, My Tax Accountant cannot be held liable for any errors, omissions, or inaccuracies published. The firm is not responsible for any losses, injuries, or damages arising from the display or use of this information.
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