In the dynamic world of digital content creation, collaboration between accountants and content creators is essential for success. As financial experts, accountants play a crucial role in helping content creators manage their finances, optimise tax strategies, and navigate the complex financial landscape of the creative industry. Understanding the Creative Economy The rise of social media, online platforms, and digital marketing has given birth to a booming creative economy. OnlyFans content creators contribute significantly to this landscape. For these individuals, understanding the financial ..read more

The world of content creation on platforms like OnlyFans has taken the internet by storm, providing creators with unprecedented opportunities to monetise their unique talents. For UK-based OnlyFans creators, the financial landscape can be as diverse and dynamic as the content they produce. This is where a niche accountant with expertise in the intricacies of this industry becomes an indispensable asset. In this blog post, we’ll delve into why UK OnlyFans creators need a niche accountant to navigate the financial complexities and make the most of their digital journey. Specialised Knowledge A ..read more

As the online creator landscape continues to evolve, OnlyFans has emerged as a popular platform for content creators to connect with their audience and monetise their work. However, managing the financial aspect of an OnlyFans business can be overwhelming, especially with the complexities of tax laws, bookkeeping, and financial planning. In this blog post, we will explore the valuable role of an accountant in assisting OnlyFans creators in the UK, empowering them to navigate the financial challenges and achieve sustainable success. Expertise in UK Tax Laws One of the primary concerns for Onl ..read more

Now some compliance checks are coming to an end we wanted to share in our results. We have closed compliance checks with agreements between our clients and HMRC without any of our workings being questioned. HMRC ask for a breakdown, we supplied details and they are accepted. This means HMRC have no concerns with the quality of our work during the compliance checks. We act fairly towards our clients and also HMRC to make these checks as stress free for everyone involved. After this stage HMRC confirm what they believe to be the new corrected tax amounts and we double check, correspond with the ..read more

Did you know that if you work full-time and are also on OnlyFans then if your OF income is above £1,000 per year then you will need a tax return. Being on OnlyFans isn’t a hobby in the eyes of HMRC if you are earning from it there you need to pay your tax. This is where we can help, we can do everything from the original registrations up to all the submissions that you need. If you have a full-time job and are on OnlyFans then contact us for a quick chat to find out what you need to do. The post Full-time Job and OnlyFans appeared first on Only Accountants UK ..read more

We now provide OnlyFans consultancy to UK accountancy practices who wish to help creators but don’t know where to start. This is good for creators and accountants alike. If you’re an OnlyFans creator that is happy with your current accountant then before today to get our expertise you would have needed to transfer all your accountancy needs to us. We now provide advice to accountants directly so if you’re happy to stay using them but want peace of mind that you’re being looked after as well as you should be then we are here for support. If you’re concerned that you’re not getting the advice th ..read more

Tax advice on OnlyFans tips. To answer a FAQ – we’ve been inundated with the same question this month. Should you be paying tax on tips received through OnlyFans? The simple answer is yes. A tip on OnlyFans creates part of your taxable income. It’s probably not the news you wanted but it is the correct treatment of tips. We can only assume there is somebody out there providing poor ‘tips’ for your accounts. You can always rely on us to prepare your accounts correctly. The post Tax Advice appeared first on Only Accountants UK ..read more

It’s early November, ideally you’ll have your tax return completed by now but there’s still plenty of time. We have completed 75% of all tax returns so far this year, leaving us 25% to complete. This is more efficient than the majority of accountancy practices meaning that our clients know their tax bills in plenty of time before the payment deadline of 31 January 2023. Don’t be worried that your tax return is submitted early, the payment deadline remains the same. You just know the tax amount earlier so you can plan and save up if needed. It’s better to plan than have a surprise large bill la ..read more

OnlyFans is a great way to earn extra cash.   Some creators use it as a full-time income, some use it as a bit of extra money to pay the bills.   If you’re looking to earn £100 per month or £50,000 per month, make sure that you’re happy with what you’re doing so it’s enjoyable rather than being seen as a chore.   If you are looking for a full-time income, remember it’s hard work and putting the effort in can definitely pay off.     The post Be Happy appeared first on Only Accountants UK ..read more

We’ve had a surge of creators lately who haven’t submitted previous year’s tax returns as they didn’t realise they needed to.   We have successfully registered these for self-assessment, prepared the outstanding tax returns, made agreements with HMRC for payment plans and removed the worry for the creators.   The creators are happy, HMRC are happy which means everyone is happy and free to continue with what you do best worry free.   If you think you’re in a bad position and can’t see how to overcome this then please speak to us today. We can help. The post Don’t Worry – Tax Retu ..read more