Onlyfans starter pack

Here is a full in depth guide on how to set everything up properly….

At My Accountant Friend we would highly recommend getting a dedicated business bank account and Suits Me are the industry leader for online content creators, when it comes to banking they have everything covered. For more details on the bank please click here.

Before you do decide to get the bank account, you will need to decide on how you would like to trade.

You have two main options in the UK, the first option is trading as a sole trader. This is for content creators that do not earn a lot of money and arent looking to create for a long period of time. This is the quick and easy option and is the best option if you are looking to dip your toe in the water.

The second option is trading as a Limited Company. This is the most tax efficient option for creators who earn over £40,000 and/or have a second income with a full time or part time job. Ideal for creators looking to make a career out of online content creation.

If you decide on the Limited Company option, please set up here before you open the Suitsme bank account.

Registering with HMRC is a must if you earn over £1,000. You MUST register with HMRC if you exceed this amount as HMRC will know you have tax  to pay. Do not worry however, as we will help with all of this. For more information please check out HMRC website.

The other important threshold to keep an eye out for is £85,000. If you exceed this amount in any 12 month period you must become VAT registered. So if you are receiving over £7,000 per month then you need to start the process asap. Again, do not worry as we can sort the registration out for you and you will need to inform Onlyfans or Fansly or whoever you are hosted by.

One of the biggest mistakes content creators make is burying their head in the sand when it comes to taxes, but you must be disciplined from day one. Use the business account for business expenses only. Never use it for personal expenses! But what is a business expense?? We will give you a list of expenses that are allowable specifically for online content creators, you will know exactly what you can and can’t claim. For more information Should I pay tax on my OnlyFans income?

Our specially designed software is fed from your business bank account and combined with your dedicated accountant all the boring admin and bookkeeping is dealt with in house. Regardless of where you are in the world, we will have everything up to date on a daily basis.