Onlyfans Asking For Vat Number

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Help I'm suddenly being asked for a VAT number on onlyfans . . .
Do I need to give OnlyFans a VAT number before making over . . .
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You only need to register for VAT if your taxable turnover exceeds £85,000 in a 12 month period . For the numbers your suggesting you don't appear to be anywhere near this limit . You will need to gross up your Only Fans income for the charge they take off you (20% I believe) . However, you mentioned you have a craft business as well .
If you receive such a VAT registration notification, you agree to register for VAT as soon as possible and to send your VAT registration number to us at vat@onlyfans .com, within 6 weeks of such notification . Failure to do so may result in your OnlyFans account being closed . Last updated: March 2021
Again: OnlyFans does NOT withdraw taxes from your pay; Save 20-30% of your earnings to cover your tax bill; Save ALL receipts, both offline and online; Yes, set aside at least 20-30% of your earnings to start with because you WILL have to pay tax on this income . Note: OnlyFans counts as self-employment from a taxation point-of-view . Taxable Expenses
The suspicious thing here is it being 21% when the vat rate is 20%, when registering for vat or the turn over exceeds 85k maybe they are charging vat but not declaring it did the receipt have a VAT Registration number on that was emailed to you? Vat should be displayed on receipts .
"Starting on 1 July 2020, OnlyFans will begin collecting and remitting VAT in your country on your active subscription," the site wrote in a message to users on Wednesday .
1 . Set the right subscription price . A reasonable price is usually between $9 .99 and $15 .99, depending on your content and posting schedule . However, on OnlyFans , the minimum amount you can charge is $4 .99 and the maximum is $49 .99 .
Company number : B42939090 | VAT number : ESB42939090 | Phone: +34634174732 Do you like cookies? We use cookies to ensure you get the best experience on our website . Learn more I agree
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