OnlyFans, Big Earnings, and Big Tax Mistakes: Are You Falling Into These 5 Traps?

Let’s be real: running an OnlyFans is a legit business—and for many creators, it can be incredibly profitable.

But with great earnings come great tax responsibilities. Whether you're just starting out or you've already got a solid subscriber base, it's easy to fall into some common tax traps that can cause headaches down the line.

Here are 5 tax mistakes that OnlyFans creators make—and how to avoid them.

1. Not Registering as Self-Employed

First up: you have to let HMRC know you're earning money through self-employment. It doesn’t matter if it's a side hustle or your full-time gig—once you're making more than £1,000 from OnlyFans in a tax year, you need to register for Self Assessment.

📌 Tip: Register as self-employed through the HMRC website. Once you're signed up, you’ll get a Unique Taxpayer Reference (UTR) and be expected to file a tax return each year.

2. Forgetting to Save for Tax (And That Massive January Bill)

OnlyFans doesn’t deduct tax for you—that's your job. It’s all too easy to get caught up in the excitement of a growing income and forget that a chunk of it belongs to HMRC.

📌 Tip: Set aside at least 20–30% of your income for tax and National Insurance. You’ll thank yourself in January when the Self Assessment payment is due (and again in July, if you need to make a “payment on account”).

3. Claiming the Wrong Expenses—or Not Claiming at All

You can deduct business-related expenses from your profits—but you need to be careful. Claiming personal stuff as business expenses? Big no-no. Not claiming anything? You’re giving away free money.

Common deductible expenses might include:

• Equipment (camera, lighting, laptop)

• Editing software

• Website hosting

• Costumes and props (if used for content)

• A portion of your home bills if you work from home

📌 Tip: Keep clear records and make sure expenses are genuinely for business use. If you're unsure, ask an accountant who understands digital creators.

4. Mixing Personal and Business Finances

If everything goes in and out of one bank account, it’s a nightmare when tax season rolls around. You’ll be digging through transactions trying to remember what was business and what was brunch.

📌 Tip: Open a separate business bank account. It makes tracking income and expenses way easier—and way less stressful when it's time to file.

5. Not Taking It Seriously as a Business

Some creators don’t realise they’re running a business until it’s too late. That mindset can lead to a whole lot of missed deadlines, disorganised records, and penalties.

📌 Tip: Treat it like a business from day one. That means:

• Logging income and expenses

• Meeting tax deadlines

• Getting professional advice when you need it

Even if you're new to self-employment, a little structure now can save a lot of trouble later.

Final Thoughts: Build Content, Not Tax Problems

You're already putting in the work to build a brand, connect with fans, and create killer content. Don’t let avoidable tax issues trip you up. By staying organised, understanding your responsibilities, and asking for help when you need it, you’ll keep your business (and your bank account) in a strong place.

Need help sorting your taxes as a creator?

We’re here to help. Whether it’s figuring out what expenses you can claim or registering with HMRC, our friendly tax experts at OnlyTax know the creator economy inside out. Let’s keep your OnlyFans hustle as smooth behind the scenes as it looks on screen.