OnlyFans has grown in the past years and become a very profitable platform for many content creators. If you are using the platform to make a living, you know that it becomes necessary to go for a tax return assessment every year and register yourself as a self-employed earner. You might need the help of an accountant to handle these things properly and avoid mistakes that could be costly for you. This is where an Onlyfans Accountant comes in to help Onlyfans entrepreneurs handle their finances.
Do you need Only Fans Accountant?
Yes. You do, and we will tell you why.
Handling your finances takes a lot of time and attention, and you also have a lot of paperwork to deal with. It is easier for you to get an Onlyfans accountant to handle your finances while you focus on your content and get the audience in.
There are several online content creators’ accountants who can help you navigate the process beginning with registering yourself as a self-employed content creator, filling out your financial declaration form, and handling other financial issues. If you are working with an OnlyFans management company they should be able to manage that for you or atleast recommend the steps to take to properly manage your accounting.
Do you know the tax returns claim available to you as an OnlyFans Creator?
When handling your account, you need to get tax return claims that will cover most of your costs. You can do this by producing receipts that show how much you spent in the course of your business.
Although it can be tricky to navigate, we have a team of qualified accountants who will teach you what expenses you can include when filing your tax returns to save you some money.
You can claim expenses for things like traveling, props, advertising, beauty products, lighting, and set-up accessories, as well as a gym membership. If you are one of onlyfans girls that are filming at home, some portion of your rent and utility bills can also be a part of your claims. Dry cleaning, office supplies, phone bills, laptop purchases, and the like are also on this list.
We’ll let you know what is tenable depending on the services you offer on the platform but the rule of thumb is if you make an expense solely for your online business, you can make claims for it provided you can present all invoices.
Frequently Asked Questions about OnlyFans Accounting
Does every OnlyFans entrepreneur need an accountant?
While it isn’t compulsory to get an accountant to handle your OnlyFans taxes, however, working with an accountant simplifies the process, lowers your tax bill, and keeps you abreast of your finances.
Are Only-fans content creators classified as self-employed?
Yes. You are considered self-employed and should identify that way when filing.
What should I specify as my occupation on OnlyFans for taxes?
You can spare all the explanations when filing for tax purposes and simply address yourself as a content creator or a similar general term.
Do I need a VAT number for OnlyFans?
It would depend on your country. However, for many countries, you need to reach a certain turnover benchmark before you are asked to register for a VAT number. In the UK, you must earn over £85,000 from Onlyfans in a year before you are asked to register for VAT.