Utmost care given by HMRC on data gathering from ‘Only Fans’ members.

You would hope that HMRC in any enquiry deal with highly sensitive data in the utmost confidence, bearing in mind data protection rules, as well as treating people with respect in a totally non- judgmental manner.

The recent ongoing cases has issued to those trading via the Only Fans digital platform makes this even more imperative.

I am led to believe that no information gathered will be used by HMRC to seek out the users of the site/ the payers and it will be treated as any other enquiry where your income is tested against the tax returns you have submitted. If you have not submitted a tax return your profits will be computed as they always are, based on your total income less your allowable expenses.

Sadly there is no escape from HMRC reviewing your turnover as income from Only Fans goes direct to your bank account less their commission.

You can however reduce your tax liability by claiming for allowable expenses. Historically and based on tax law you are unable to claim for ordinary clothing, but in this particular type of trade much of the clothing that you purchase would be wholly and exclusively for the purposes of trading on the website.

It is important therefore together as many receipts as you can and claim for everything as at the moment I am seeing a tremendous amount of income being earned and therefore huge tax bills emanating from that. Get a good advisor on board and get your tax assessed correctly and not excessively. Call me to discuss anything in complete confidence.