Writing this in 2023, gone are the days of HMRC’s understanding of, not being able to pay debts, especially now that online accounts are in full flow (MTD and all that). Before and during Covid, you as the Director could have used the excuse that you were not aware of the full liability owed to […]
With over 100,000 (July 2022) UK OnlyFans creators, OnlyFans is strongly becoming the fastest growing income stream for many young adults and you can easily see why – Many creators are earning more in one month, that they can earn in a year with a ‘normal’ 9-5 job. The content can be created instantly, from […]
Following feedback from many of our Only Fans creators, we are pleased to announce a basic package for anyone using OnlyFans and Fansly in the UK. Included in the package Monthly tax advice (sole trader only) Bookkeeping advice on what you can and cannot claim Personal tax return preparation and submission to HMRC Dealing with […]
Pick your accountant carefully Have you ever asked your accountant about Managed Service Company (MSC) rules? After a very recent investigation, by HMRC, into contractors and their relationship with their accountants has resulted in one Accountancy firm being deemed a MSC provider. What does this mean and how did it come about? An MSC provider […]
Many clients have come to us for financial guidance AFTER they have started trading online, spending time and money setting up websites and creating online accounts with their chosen sellers from Amazon, EBay, Shopify & Easy, to name a few, only to find they have wasted their time and money! Every trader must earn money and money […]
Personal Income Tax The income made from OnlyFans is subject to income tax and national insurance, if you are not working through a limited company, and therefore you must be filing personal tax returns (PTR) with HMRC for the profit they make from the site. HMRC have stated they will be targeting OnlyFans and other […]
The amazing guys at www.vittopro.com have kindly given us some insight on the trials and tribulations, trading on Amazon. Owner & Entrepreneur, Phil Bone, is an expert in all sorts of support and protective wear for sports and has been a huge success selling on Amazon. How did the great man do it? Why did you […]
Amazon accounting is extremely complicated with many traders using the net amount paid to them as their sales figure, which inevitably ends up with tax investigations. The Amazon report summaries are very confusing, none of which seem to tally back to the amount paid into the bank account, if you are using date range reports […]
From April 2019, most VAT registered businesses with a turnover above £85,000 must keep their VAT records digitally and use Making Tax Digital compatible software to submit their VAT Returns. We explain what you need to do.