Accountants for OnlyFans Creators (UK)

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Reviewed by a Qualified Accountant

This content has been reviewed by our qualified chartered accountants. However, you should always check with a professional. If you have any questions at all, don’t hesitate to get in touch.

Please note that we only work with UK residents.

OnlyFans has surged in popularity over the last couple of years, and has allowed many people to make a highly profitable and sustainable living from the comfort of their own homes.

If you’re lucky enough to be one of these people, it’s important to recognise that this is a form of taxable income. This means that you will have to register as self-employed and submit a yearly self-assessment tax return.

Filing your paperwork and staying on top of your taxes may sound pretty boring in comparison to your usual day to day activities, so why not let us work out the kinks?

Why Use Dead Simple Accounting

Dealing with finances is no easy feat considering the amount of paperwork and legalities involved. Dead Simple Accounting leaves you to take care of your business, while we take care of the boring stuff.

We work with lots of influencers and content creators, and know the challenges they may face, as well as all the possible expenses you could claim. We can guide you through the entire process, from registering as self-employed to completing your self-assessment and filing them with HMRC.

We also offer services that help to forecast any risks that stand in the way of your goals.

Don’t want to take our word for it? Let our five-star ratings across Google and Facebook do all the talking.

Getting Started with OnlyFans Taxes

If you’re new to OnlyFans or just starting to take your earnings seriously, here’s everything you need to know about handling your taxes properly.

Step 1: Register as Self-Employed

You must register as self-employed within three months of starting on OnlyFans. Don’t worry – we can handle this entire process for you. What you need to know:

  • You’ll receive a Unique Taxpayer Reference (UTR) number
  • You can still keep a regular job alongside your OnlyFans income
  • Registration is free and can be done entirely online

How Much Tax Will You Pay?

Understanding your tax obligations early helps you plan better:

Income Tax (2024/25):

  • First £12,750 is tax-free (Personal Allowance)
  • 20% on earnings between £12,751 – £50,270
  • 40% on earnings between £50,271 – £125,140
  • 45% on earnings over £125,140

Our Tax Saving Tip:

Set aside a percentage of your income each month to cover your tax bill:

  • Basic earnings: Save 25% of your income
  • Higher earnings: Save 35% of your income
  • Additional rate: Save 45% of your income

Important Dates for Your Diary

  • 5 April: Tax year ends
  • 31 July: Second payment on account (if applicable)
  • 5 October: Deadline to register for self-assessment
  • 31 January: Tax return submission and payment deadline

Essential Record-Keeping

Stay organised from day one – it’ll save you time and money later:

  • Keep all receipts (photograph them as backup)
  • Download monthly OnlyFans statements
  • Track all business-related purchases
  • Separate business and personal expenses
  • Record dates and purposes of business trips

We provide all our clients with simple templates and tools to make record-keeping straightforward.

How easy it to file a tax return with Dead Simple Accounting?

  • It truly is Dead Simple! There is more info below including FAQs
  • The first step is the easiest – click here to arrange a call back!
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What to Consider?

There are two different types of taxes that you may be subject to when earning from OnlyFans: income tax and VAT. Regarding VAT, in the words of HMRC:

You must register for VAT if your VAT taxable turnover goes over £85,000 (the ‘threshold’), or you know that it will. Your VAT taxable turnover is the total of everything sold that is not VAT exempt.

UK VAT is, unfortunately, very complicated. To help explain the process, OnlyFans put together two diagrams illustrating what happens to creators who aren’t and are not registered.

If you aren’t registered for VAT:

If you are registered for VAT:

While you need to register for VAT if your taxable turnover is above £85,000 across a 12 month period, you can also voluntarily register for VAT if you earn less than that. It could be that this allows you to reclaim VAT back on your business expenses, but this is a complicated area to navigate.

Informing OnlyFans that you’re VAT registered is simple, you just need to provide them with your VAT registration number. They’ll then update your records and generate a monthly VAT statement which can be found within your profile, allowing you to send this to your accountant each month.

Our Pricing

At Dead Simple Accounting we charge just £300 including VAT for self-assessment tax returns, and can take you through the entire process.

If you’re interested in other services, such as setting up a company or payroll, head over to our quote page for a free and instant estimate.

The reviews speak for themselves

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What Expenses can OnlyFans Creators Claim?

Claiming expenses at the end of the year is an important aspect of accounting for OnlyFans creators as it enables you to cover up a lot of your costs. The key lies in being able to accurately produce receipts as proof of your spending solely for your business. Our qualified team of accountants can guide you through the different expenses that you can include on your tax return to save on payments. The following are expenses that an OnlyFans creator may claim:

  • Gym membership
  • Props
  • Lighting & accessories
  • Toys
  • Beauty products & treatments
  • Lingerie
  • A portion of your rent and utility bills if you film/create at home
  • Advertising
  • Travel
  • Dry cleaning
  • Photography equipment
  • Office supplies
  • Mobile phone and bills
  • Laptops & Computers
  • And more

Generally speaking, if something is solely for business use then it’s likely it can be claimed as an expense. It’s important that you keep on top of your paperwork, so ensure you save all receipts and invoices and snap a picture of them as a backup.

Take a full look at our expenses for OnlyFans Creators.

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How OnlyFans Payments Work

OnlyFans pays creators in US dollars (USD), which means your earnings need to be converted to British pounds (GBP) for UK tax purposes. Here’s what you need to know:

Currency Conversion for Tax Returns

  • Your income must be reported to HMRC in pounds sterling
  • You’ll need to use HMRC’s approved exchange rates
  • Keep records of both USD earnings and GBP conversions
  • Save your monthly OnlyFans statements showing original USD amounts

Best Practices for Currency Management

  • Consider a dedicated business account that handles multiple currencies
  • Keep detailed records of exchange rates used for each payment
  • Document any fees paid for currency conversion
  • Track monthly variations in exchange rates

Tax Implications for UK Creators

Record Keeping Requirements

  • Save OnlyFans payment statements in USD
  • Document the exchange rate used for each payment
  • Keep records of any conversion fees paid
  • Track international transaction charges

Converting Your Income

We recommend:

  • Converting your income monthly rather than annually
  • Using HMRC’s official exchange rates
  • Maintaining a spreadsheet showing:
    • Original USD amount
    • Exchange rate used
    • GBP equivalent
    • Date of conversion
    • Any fees paid

Minimising Currency Costs

Tips to reduce currency conversion expenses:

  • Consider specialist foreign exchange accounts
  • Look for banks with competitive exchange rates
  • Think about bulk conversions to reduce fees
  • Keep records of all conversion costs (they’re tax-deductible!)

International Tax Considerations

US Tax Forms

  • OnlyFans may require you to complete a W-8BEN form
  • This confirms you’re not a US taxpayer
  • Ensures you’re not subject to US withholding tax
  • Must be renewed every three years

VAT Implications

  • International earnings count towards your VAT threshold
  • VAT registration requirements remain based on GBP equivalent
  • Keep clear records of international subscriber locations
  • Consider potential VAT MOSS requirements for digital services

OnlyFans Accounting FAQs

Do you need an accountant for OnlyFans?

Not everyone needs an accountant to file their OnlyFans taxes, however, an accountant makes the entire process very simple. They’ll also help reduce your tax bill, and ensure you’re aware of what you owe to HMRC and when.

Is OnlyFans classed as self employed?

Yes. If you are on OnlyFans, you are not employed by them. You’re self-employed (potentially through a company) and must notify HMRC and pay tax on any income exceeding £12,750.

Do OnlyFans report to HMRC?

HMRC lets you earn £1,000 tax free through platforms like OnlyFans. Anything above that needs to be reported to HMRC by you. OnlyFans does not report to HMRC about your earnings.

What occupation is OnlyFans for taxes?

You don’t have to put your real occupation for tax purposes, for example, you could put “content creator”.

Do I need a VAT number for OnlyFans UK?

You are only required to register for VAT if your self-employed earnings (including from OnlyFans) for the last 12 months was over £85,000.

Useful Resources

These days there’s an abundance of tools and resources at your disposal, software that handles your invoices and expenses, to mobile based banks that cut the boring paperwork.

We only work with the best of the best, and have partnered with several big names to offer you various goodies when signing up.

Accounts Software

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