Yes. Your OnlyFans income is taxable income.

If your total OnlyFans income (not profit) is over £1,000 after converting from USD in a tax year then you need to prepare a self-assessment tax return. It will depend on your total taxable income as to whether any tax is due or not.

You can register as a self-employed individual or a limited company. You will need to report your earnings and pay any applicable taxes. It’s important to keep accurate records of your earnings and expenses.

Speak to us to calculate whether a limited company or being self-employed is the best situation for your business.

Yes, if you use space in your home for your OnlyFans content, you may be able to claim a portion of your home expenses as allowable deductions for tax purposes. This can include a portion of your rent or mortgage interest, utilities, and other related expenses.

We will ask you all the relevant questions while working on your job and calculate how much you can claim. This is not a one size fits all for each creator, it’s tailored to your individual circumstances.

There are two methods for calculating car expenses: the actual cost method and the mileage method.

1. Actual cost method: Under this method, you can claim the actual expenses related to your car, such as fuel, repairs and insurance. You will need to keep accurate records of these expenses in order to claim them as a deduction. If you have private use there will also be a benefit in kind so always speak to us first as this can be costly. It’s extremely unlikely that you will have a car solely for business use so we always need to consider the benefit in kind tax implications. Brand new electric cars are usually the only reason we recommend this option.
2. Mileage method: Alternatively, you can use the mileage method to calculate your deduction based on the number of miles driven for business purposes. The current mileage rates for cars are 45p per mile for the first 10,000 miles, and 25p per mile thereafter. These rates are subject to change, so it’s important to check the current rates before claiming a deduction.

It’s always best to consult with us to determine the specific rules and limitations for claiming car expenses in your business. We can help you determine which method of calculation is best for your business and ensure that you are claiming all eligible expenses.

You can claim clothing as a tax-deductible expense for your business, but only under certain circumstances. Generally, the clothing must be essential for the performance of your job, and not something that you would wear outside of work. This may include costumes and clothing bought specifically for your content.

No. If you go on holiday then there is a duality of purpose so just because you film content while on holiday doesn’t mean that you can claim for the full trip. If you make specific business journeys while on holiday that are 100% for business then you can claim that element only. For example, you know of a great picturesque location that would be ideal for filming just 10 miles away from your holiday location. If you travel there and back for business reasons then you can claim the 20 mile round trip, not the cost of the holiday.

If the primary purpose of the trip is for business, and the expenses are incurred wholly and exclusively for the purpose of the business, then you may be able to claim them as a deduction for your business. This can include expenses such as airfare, hotel accommodation, meals, and transportation.

You would need to keep evidence that it is a business trip such as arranging to see other creators while there or the reasons for the trip.

Please note that you need to treat it as a business trip. If you arrange one days worth of work for the first day then extend the trip so you can have a few days holiday while there then this will then become a holiday and not a business trip.

You may be able to claim the cost of food and drinks as allowable deductions if they are consumed during business-related activities, such as attending a photoshoot or while you stay away for a business trip.

If you pay for food and drink for entertaining other creators then these will be disallowable for tax.

If you purchase makeup and beauty products specifically for your OnlyFans content, you may be able to claim the cost as an allowable deduction for tax purposes. However, if the products are also used for personal purposes, you may only be able to claim a portion of the cost as an allowable deduction.

In our experience it’s best to keep these separate so split them just for business and just for personal use then there won’t be any difficult calculations.

Yes, it is important to keep receipts for all of your business expenses. This is because receipts serve as evidence of your business expenses and help you to accurately track your spending. Keeping organised and detailed records of your expenses can also help you to claim allowable deductions on your taxes and avoid any discrepancies in your financial statements. For example, if you’ve purchased business expenses on Amazon then the receipt will show the items purchased. HMRC will accept this as they can see it’s a business expense. If you lose the receipt and only have evidence from your bank statement then all HMRC will see is that you purchased something from Amazon, they won’t know if it’s business or personal so they will not allow it.