Focus on Creating While Staying on Top of your Tax Game

Running a business on OnlyFans can be incredibly rewarding—you’re your own boss, you set your schedule, and you get to express your creativity. But with that freedom comes responsibility, and one of the biggest challenges is handling your taxes.

If the words "self-assessment tax return" make you cringe, you’re not alone. Many content creators feel overwhelmed when tax season rolls around. However, with a bit of organisation and the right approach, filing your taxes doesn’t have to be a nightmare.

Reducing the Stress of Tax Season in Three Simple Steps

1) Register with HMRC

First things first—if your OnlyFans income exceeds £1,000 a year, you’re legally required to register as self-employed with HMRC. This ensures that you’re properly set up to report your earnings and pay your taxes. The registration process can seem daunting, but breaking it down into manageable steps can help. You’ll need to:

• Create a Government Gateway account.

• Provide details about your business activity.

• Receive your Unique Taxpayer Reference (UTR) number.

Once registered, you’re in HMRC’s system and ready to start keeping records of your income and expenses.

2) Track Your Income and Expenses

Every subscription, tip, or pay-per-view fee you earn on OnlyFans is considered taxable income. Keeping a detailed record of this income is crucial. Equally important is tracking your business-related expenses, which can help reduce your taxable income.

Here are some common deductible expenses for content creators:

• Equipment (e.g., cameras, lighting, laptops).

• Software subscriptions (e.g., editing tools).

• Internet and phone bills (proportional to business use).

• Professional services (e.g., accountants, legal fees).

By claiming allowable expenses, you can lower your overall tax bill.

3) Avoiding Common Pitfalls

Many creators fall into common traps when it comes to tax filing. Some of the biggest mistakes include:

• Missing registration deadlines.

• Forgetting to report all sources of income.

• Overlooking deductible expenses.

• Filing late and facing penalties.

By staying organised throughout the year and setting reminders for key deadlines, you can avoid these pitfalls and have a smoother tax experience.

How a Trusted Tax Advisor Can Be a Game-Changer

Trusted tax professionals can obviously help you with steps 1, 2 and 3, however, their value also lies in their expertise in tax efficiency. Tax efficiency isn’t just for large corporations. As an OnlyFans creator, you can take advantage of strategies to reduce your tax burden legally. This might include:

• Using the cash basis accounting method, which allows you to record income and expenses when they are actually received or paid.

• Planning for tax payments by setting aside a portion of your income each month.

• Exploring if you’re eligible for reliefs or allowances, such as the personal allowance.

• If you’re unsure about how to maximise your tax efficiency, speaking to a tax advisor can be a game-changer.

Hear It from Others...

Here’s what some creators have shared about their experience of working with OnlyTax:

"I used to dread tax season, but having professionals to stay on top of my records and remind me of what information is needed and when has really made all the difference."

"Hiring an advisor from OnlyTax to help with my self-assessment was the best decision I’ve made for my business. I’m genuinely saving more than I thought possible!"

Make This Tax Year Your Best Yet

Filing a self-assessment tax return might not be your favourite part of being a creator, but with the right tools and mindset, you can handle it without breaking a sweat. Whether you’re doing it yourself or seeking professional support, staying organised and informed is key.

Need more help? Check out additional resources or speak with a tax professional to ensure you’re on track.

Remember, a little preparation now can save you a lot of headaches (and money!) down the line.