I understand from a number of clients that OnlyFans have recently sent out a text which included this statement:
As a result, OnlyFans will collect VAT as required and remit to the UK and EU tax authorities on the Creator’s behalf. As a Creator, you won’t need to fill out any forms, register for anything or send anything out.
I disagree with this statement.
- The income you receive from OnlyFans is still taxable so you must register with HMRC and pay tax on your profits.
- The income counts towards the VAT threshold of £85,000 and if you are already VAT registered must be treated as “VATable” income i.e you must pay VAT on it.
N.B. Individual circumstances differ so it’s important to check your own situation with your accountant or HMRC