Accountants For OnlyFans

As an Onlyfans content creator, it's most likely that you'll be classed as a self-employed sole trader. You aren't employed by the site, you merely use their platform, and they pay you (usually weekly).

Onlyfans take a 20% cut of your earnings, and you get the rest which is paid directly into your bank account.

While the top earners can rake in more than a million pounds or more a month, the average earnings in the UK are near to £150 per month. Still, this gives you an annual income of £1,800, which puts you over the trading allowance of £1,000 set by HMRC.

That means you'll have to submit a personal tax return, known as the self-assessment tax return, that lets HMRC calculate your taxable income turnover and set a figure for your income tax.

To reach an accurate figure, you'll need to include all business-related expenses (or taxable expenses), and it's not always easy to know what's allowed and what isn't.

Your Onlyfans accountant will handle the entire process to make sure that the correct figures are submitted in good time, thus avoiding unnecessary penalties.

If your Onlyfans career really takes off, you could hit the VAT threshold of £85,000 per year.

That means you'll have to become VAT registered and deal with the intricacies of the UK VAT system!

This is not much fun for most people, but it's what our accountants are trained for and love to do. They'll explain it to you (if you really want them to), and they'll register you for VAT, help you with VAT claims and make sure you pay the correct amount when it's due. All your job involves is informing Onlyfans of your VAT number, and they'll generate a VAT statement each month.

Some people choose to become VAT-registered even though their income is below the threshold. Although there are some advantages to this, there are many issues to be aware of.

Your dedicated accountant for Onlyfans creators will discuss this possibility with you so you can reach a sensible decision.

So, you've got your Onlyfans account up and running, and it's going well. The last thing you want is a massive tax bill!

This is a real possibility, especially if you're not fully aware of the rules concerning business-related expenses. If your taxable income is high, and you don't take advantage of all the allowable expenses, then you could end up paying a large amount of income tax.

Your personal accountant for Onlyfans content creators will help you become tax efficient by exploring all legal and allowable methods of reducing your tax bill. After all, if you have to pay tax, why should you pay more than you need to?

Our personal tax planning service examines elements such as your projected earnings, potential expenditure, and the timing of any income so that you can be prepared for the coming tax year.

It's possible that you may have another job (or jobs), maybe even as an employee, as well as being an Onlyfans creator. Your Auditox accountant will take any other income under consideration and offer tax advice where necessary to help you avoid any complications with HMRC.

All of this means that there'll be no unpleasant surprises when you submit your tax returns!

When you think all is well, it's a shock when you suddenly find HMRC breathing down your neck.

In all areas of business, you are expected to comply with the rules and regulations, even if you are running a small Onlyfans page as a sole trader (earning more than £1,000 a year).

That means submitting all relevant accounts and returns before the deadlines and making sure that you register with the correct authorities under certain circumstances (like becoming VAT registered). If you fail to do this, you can face fines and possibly other penalties.

It's very easy to break the rules - especially when you don't know what they are, and they keep changing! But in the eyes of the law, and HMRC, ignorance is not an excuse, and you can still be punished. We will handle all your filing obligations and ensure that you stay compliant.

Most Onlyfans content creators remain self-employed, but there may come a time when it's wise to consider the possibility of setting up as a limited company.

This creates a new legal entity or legal person, and there are several advantages to this move, but you also need to be very aware of the legal implications.

Using a limited company to create content on Onlyfans is a great way of separating your personal and business finances, but you must keep in mind that you will have to pay yourself properly from the company funds - you can't simply withdraw money from the business as it belongs to the company and not you. While you may be the business owner, you need to use the correct process to withdraw any funds.

But don't worry, we will advise you which is the best option and guide you through all of the legal pitfalls.

Onlyfans creators are highly motivated and creative people - most know a great opportunity when they see it, and they know how to maximise each one!

However, they might not be up to speed with business practice, planning and all the minor details involved in running a business.

While they're aware that their income is earned by monthly subscriptions and pay-per-view, they might not be clued up as to how to grow their subscriber base, or that it's possible to maximise their income by setting up a donations page.

Also, instead of receiving cash, you can publicise your Amazon Wishlist to your fans. They can then buy them directly for you or send you the equivalent value in an Amazon gift card.

Your Auditox accountant will advise you on all kinds of issues like this, including pricing structure, sponsored content and merchandise.

All of this will help you to get the most out of your Onlyfans account and increase your income.