Tax Wake-Up Call: What is my biggest consideration as we enter the new financial year?

"I’ve been growing my OnlyFans account over the past year, and while I love creating content, I’m only just getting to grips with the tax side of things.

I know I need to be paying tax on my earnings, but with the new financial year coming up in April 2025, I want to make sure I stay ahead of any changes. I’ve heard that HMRC is tightening the rules for content creators, and I don’t want to get caught out!

What’s the biggest tax change I need to be aware of, and how can I make sure I’m doing everything right? I want to stay compliant, avoid any nasty surprises, and set myself up for success. Any advice would be massively appreciated!"

A Creator’s Concern – Staying Ahead of Tax Changes

The Expert’s Response – The Biggest Tax Change for OnlyFans Creators in 2025

That's a good question and one we hear quite often from our clients. There are a number of tax changes planned for the new financial year but if we had to choose just one that we think is pertinent to our OnlyFans clients we'd say that the biggest tax change coming in April 2025 for OnlyFans creators is the new digital platform reporting rules. This means that OnlyFans (and similar platforms) will now be required to report your earnings directly to HMRC.

So, what Does This Mean for Content Creators Like You?

💰 No More Flying Under the Radar – If you haven’t been reporting your earnings properly, HMRC will now have full visibility of what you’re making.

📊 More Scrutiny on Self-Employed Taxes – If you earn over £12,570 per year, you need to pay Income Tax and National Insurance. HMRC will be enforcing compliance much more strictly.

📈 VAT Rules Are Changing Too – The VAT threshold is rising from £85,000 to £90,000. If you hit this, you must register for VAT and charge it on your earnings.

How to Prepare & Stay Ahead

The good news is that there are some fairly straightforward ways to get yourself prepared. Here are our top tips:

✅ Register as Self-Employed – If you haven’t already, sign up with HMRC to ensure you’re operating legally.

✅ Keep Accurate Records – Track your income and expenses using accounting software or a business bank account.

✅ Understand VAT Requirements – If your earnings are growing, keep an eye on the £90,000 VAT threshold.

✅ Submit Your Tax Return on Time – The deadline for your 2024-25 tax return is 31 January 2026 – don’t leave it to the last minute! ⏳

✅ Consider Professional Help – Hiring an accountant who understands OnlyFans taxes can save you stress and money.

Final Thoughts: Get Ready Now

With these new reporting rules, there’s no hiding from HMRC – so it’s best to get organised now and avoid unexpected tax bills later. Stay informed, take control of your finances, and keep creating confidently!

If you need any advice with any aspect of tax or finance the contact OnlyTax today to schedule a free consultation.