Specialist OnlyFans Accountants
Posting content on OnlyFans can be a lucrative business. However, it is important to note that content creators are not employed by the website – instead, effectively employed by themselves.
Thus, those who earn money through OnlyFans have a variety of tax and financial obligations, in addition to complying with OnlyFans’ own terms and conditions.
OnlyFans content creators are required to fill out a personal tax return, which means stating your income tax and any business-related expenses.
An accountant can assist content creators in fulfilling their legal obligations within the timeframe and restrictions set out by HMRC and the OnlyFans platform alike, ensuring that the account is never suspended. They can offer tax advice, help make you tax efficient, and ensure your tax bill is always paid on time.
AccountantFor can help with the entire process, helping pair you with the perfect accountant to help you establish your taxable income turnover, establish taxable expenses, and aid with your financial planning.
What is OnlyFans?
OnlyFans is an increasingly popular subscription-based content-sharing platform, primarily specialising in adult entertainment, but also featuring musicians, personal trainers, and other online content creators.
It is estimated that over 50 million people use OnlyFans, and there are over one million content creators and influencers on the site.
OnlyFans content creators receive monthly subscriptions and one-off payments from their ‘fans’ in return for content such as pictures, videos, private messaging, tutorials, and more. Content creators choose their subscription fees and paywalls for themselves – subscriptions can be anything from $5 to $49.99 a month.
Tipping and pay-per-view (PPV) is also supported by the platform. The content creator receives 80% of their earnings, whilst OnlyFans gets the remaining 20%.
That income must be declared on a self-assessment tax return, and you will be required to pay tax on it by the HMRC.
How OnlyFans Content Creators Can Benefit From An Accountant
When you are paid by OnlyFans, this is subject to taxes by HMRC. However, as you are not technically an employee of OnlyFans, this can lead to some confusion if you aren’t familiar with taxes. As you will essentially be self employed, you must first register with HMRC as a Sole Trader or private Limited Company, or both.
You must then submit Self Assessment tax returns every tax year to report your earnings from OnlyFans. This also means you must keep an accurate record of your monthly, quarterly and annual income accordingly.
In order to reduce your tax, you may be able to claim for certain expenses that help you to do your job. In the case of OnlyFans, this can also include beauty treatments, toys, lingerie, props, filming equipment, internet, and so on, on top of the more traditional business expenses like travel, advertising and an accountant. You just need to keep the receipts.
An accountant can help you to register with HMRC, keep financial records, file Self Assessment tax returns, and even advise on what can be partially or fully written off as taxable expense. They will ensure you are VAT registered if necessary, and they may even help you become a limited company, if that is a more efficient way to pay your tax.
By taking these tasks off your hands, you can ensure that you comply with all financial rules and regulations. Even better, this allows you to get back to creating more quality content for your subscribers, ultimately growing your business.
How Can We Help OnlyFans Content Creators?
At AccountantFor, we can connect businesses and self employed people alike with the UK’s top accountants. Simply fill out our online interactive form and we will go through what it is that you need and require from an accountant.
We will then source the best accountant for you that is well versed and experienced in OnlyFans, its income model, commissions, and currency exchange rates. Your recommended and vetted accountants will be in touch within 24 hours, ready to assist with all your financial queries, freeing up your time for more creative endeavours.
Paying income tax is never fun, and tax planning can be very confusing, so let us help you find the perfect tax accountant for OnlyFans content creators.
Get Started With An OnlyFans Accountant
OnlyFans Accountancy Services
AccountantFor provides a comprehensive range of accountancy and tax services for OnlyFans through our exclusive network of vetted accountancy talent within the United Kingdom.
– Statutory accounts
– Management accounts
– Financial planning
– Business plan
– Growth modelling
– Tax investigation service
– Capital gains tax
– Tax advice and consultancy
– Company formation
– Registered office address
– Payroll services
– Corporation tax