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If you’re earning money as an OnlyFans creator in the UK, you are subject to income tax on your earnings and, therefore, must submit a personal tax return. If this feels overwhelming, you’re not alone.

Hiring a trusted accountant for OnlyFans creators will take the burden of tax off your shoulders, so you can focus on creating content. In this guide, we discuss why you should hire an accountant that specialises in accounting for OnlyFans content creators and what services to look for.

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How OnlyFans Content Creators Can Benefit From An Accountant

OnlyFans content creators must enrol themselves for personal tax with HMRC as a sole trader or limited company. You can benefit massively from an accountant to help with your filing obligations and provide the correct tax advice you can trust. If you’re interested in registering as a limited company, you can also hire an accountant to help with the entire process.

The best accountant will assist you with your self-assessment tax returns, get you VAT registered (if you’re earning a taxable income of £85,000 and over), help you stay compliant, and ensure you’re paying the right amount of tax.

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How Can We Help OnlyFans Content Creators?

Whether you’re registered as a business or you’re self-employed as an OnlyFans creator, we can help you pay the right amount of tax on time. Growing an OnlyFans business takes a lot of dedication and time, so allow our team to take care of your taxes, VAT filing, expense tracking, and anything else that might take your attention away from the growth of your business.

Most people will also need to register for VAT if they are a UK self-employed taxpayer or business owner earning a taxable income turnover of £85,000 and above. As the UK VAT system is complicated, our accountants can help you find out if you qualify for VAT, register for VAT on your behalf, and save as much profit as possible through VAT claims.

Once you’re VAT registered, informing OnlyFans is straightforward. They just require your VAT registration number for them to update your online account records and generate a VAT statement each month. You can find this on your account on the OnlyFans site, which you can send straight to the accountants at TaxBite.

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OnlyFans Accountancy Services

We offer a range of accountancy services to OnlyFans content creators. Whether you want to register as a limited company or sole trader, our accounting team can help you avoid unnecessary penalties, manage and pay your taxes, hire an employee, and keep receipts of your earnings.

Tax Planning

TaxBite offers tax planning services to OnlyFans creators who wish to plan their taxes out more effectively. Whether you’re self-employed, registered as a limited company or a sole trader, our accountants can explain the tax process, including any ways for you to plan your tax position and retain income profit more efficiently.

Tax Return

Our accountants can help you with your tax return. You can allow us to process your return on your behalf, meaning you can focus on creating content. We can assist you in avoiding unnecessary penalties by ensuring your return is processed correctly and on time.

Capital Gains Tax Relief

As well as managing your OnlyFans accounts, we can also provide advice on Capital Gains Tax Relief, such as if you’re eligible, how to claim, and any other exemptions you can claim for.

Business Registration

We can help you register your business with Companies House, look after your company accounts, and SA returns each tax year. Our accountants can explain any reasons why you should or should not register as a business and will always offer advice that is in our client’s best interest.

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Taxable Expenses

There are all kinds of business-related expenses that can be claimed for an OnlyFans creator to remain tax efficient. It’s important to note that you must retain and produce receipts for any expenses you’re hoping to claim relief on.

Our chartered accountants are available to support you on the expenses process and help you save on your return at the end of the tax year.

As part of our guide, we’ve included some popular taxable expenses of OnlyFans creators below:

  • Lighting
  • Accessories
  • Props
  • Toys
  • Beauty treatments & products
  • Gym membership
  • Lingerie & Outfits
  • Travel costs
  • Airbnb or Hotel costs
  • Partial cover of rent and/or utility bills if you create in your home
  • Phone/Internet Plan costs
  • Internet advertising fees
  • Accounting fees
  • Computer costs

We can help our clients understand which of their current expenses they can claim as OnlyFans creators. Make sure you’re saving all your receipts and invoices to keep on top of all your paperwork when it comes to your tax bill. In the interest of compliance, each expense must be accounted for. Get in contact with us below for more advice and assistance.

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The New York Times recently reported that Only Fans has more than one million content creators. If you’re one of them, and you’re a UK taxpayer, the team at TaxBite can help you submit your tax return filing, manage and grow your business, file your self-assessment, and manage any other income you may receive.

Click the button below to chat with a TaxBite accountant, subject to availability.