What can you expense as an OnlyFans creator?
Like all self-employed workers, OnlyFans creators can deduct expenses from their tax bill. This can include things like camera equipment, your phone, your laptop or computer, travel expenses, marketing costs etc. Any reasonable expense accrued that is work-related and that you can clearly account for can be claimed.
There are two main ways to claim your self-employed expenses.
Claiming the Trading Allowance
The first way is to simply claim a flat £1,000 as a self-employed trading allowance.
- It’s super easy to do
- You can use it as an OnlyFans creator as you're self-employed
- You don’t need to worry about keeping receipts
If you choose this to claim this allowance, you won’t be able to claim any other expenses or allowances.
Claiming business expenses
It makes more sense to claim every business expense if your total expenses are over £1,000 per tax year. Similar to what we mentioned above, if you claim expenses, you won’t be able to claim the Trading Allowance.
If you are claiming expenses, don’t forget to keep a in depth record of them, along with all your business receipts. Bank statements can sometimes work instead, but it’s best to stay on the safe side!
You claim your expenses on your Self Assessment tax return, so make sure you register for it with HMRC if this is your first one.
What are the business expenses for OnlyFans creators?
Here are 10 types of expenses that you can deduct from your tax bill:
- Tools (Phone, filming equipment, camera, insurance)
- Non-gifted products that you bought to review
- Online training courses
- Travel expenses (Including mileage)
- Software (Email marketing, image editing)
- Subscriptions (Stock photographs, premium apps etc.)
- OnlyFans charges
- Bills (Utility bills, broadband – that accounts for your work from home costs)
- Office costs (Office chair, desk, rent etc.)
- Accounting costs
Don’t forget that you can actually expense anything that legitimately accounts for your business costs. For more details on what HMRC will accept, take a look at their guidelines.
How Can Earnr Help?
Earnr makes OnlyFans bookkeeping easy, so that you can spend less time worrying about this kind of stuff and more time growing your business.
You can separate your OnlyFans transactions from your personal ones, track your expenses and get a real-time tax estimate so you know whether or not you need to submit a tax return.
Check it out here.
