Here’s all you need to know about earning with OnlyFans

OnlyFans: the platform with far more than regular selfies and cat videos. It's the ultimate hotspot for content creators like models and influencers looking to sprinkle some extra zest into their offerings. By sharing exclusive content, they connect on a deeper level with their fans. But even everyday folks, just like you and me, are increasingly making their way to OnlyFans

In this article, you'll discover how to make money with OnlyFans, obtain a self-employed status, and how tax matters specifically work for creators in Belgium.

What is OnlyFans?

We probably don't need to explain what OnlyFans is, but if we really have to, you could describe it as a social media platform where creators share photos, videos, and other exclusive material with their paying fans.

It was launched in 2016 as a platform for artists to offer their fans exclusive content for a fee, such as extra performances and personal videos. However, in 2018, when a nude photo was suddenly sold for 10 dollars, OnlyFans took a completely different turn. Meanwhile, more than 2 million creators are making their living with OnlyFans every day.

Creating an account on OnlyFans is quite easy. However, creating content people are willing to pay for is another story. But before you can effectively make money, you must build a loyal group of followers, also known as 'following'. These are the fans willing to pay for the content an influencer produces.

How do you make money with OnlyFans?

Before you can start as a creator on OnlyFans, there are a few requirements you must meet. First, you must verify your identity and age (18+) when creating your account.

Once verified, there are several ways you can make money as a creator on this platform:

• Subscriptions: your fans pay a monthly amount to access your exclusive content. You set the subscription fees and receive a percentage of what your fans pay.
  
• Tips: your fans can tip you as support or to request specific content, such as exclusive photos.
  Paid private messages: fans can pay you directly for private messages, often to request exclusive content or ask questions.
  
• Promotions and partnerships: you can promote services or products of other brands on your profile and get a commission for it. Collaborations with other creators are also possible to create joint content and attract more fans.
  
• Paid content: in addition to exclusive content for subscribers, you can also sell paid content, such as photo or video packages, or access to special content not included in the subscription.
  
• Customised services: some creators offer personalised services, such as private chats, virtual meetings, or custom-made content.
  

How much can you earn with OnlyFans?

With over 120 million registered and paying users and just over 2 million creators offering content, there's a real possibility of making money with OnlyFans, provided your content appeals.

In numbers:

• Fans (users) spend an average of 55.58 euros per month on subscriptions
• The average creator earns about between 151 to 180 euros per month
• More than 300 OnlyFans creators earn more than 1 million euros per year

With some extra effort, creativity, and exclusive content, you can achieve much more. If you get serious, take beautiful photos, promote yourself well on social media, and optimize your profile, you can achieve much more success than the average.

How much you ultimately earn with OnlyFans depends entirely on the number of followers you have and the price you charge for a subscription. Take, for example, Blac Chyna, with her 16.3 million followers and a subscription price of about 45 euros. That earned her a whopping 15 million euros per month last year. On the other hand, Cardi B has no less than 75.8 million followers but charges only about 4 euros for a subscription. This earns her about 7 million euros per month.

But beware: even if you have a large number of followers, this does not mean that all these followers will also subscribe to your profile. And that's exactly where the money comes from. So, the more fans you can convince to subscribe, the more money comes in!

What key factors should you consider if you're aiming to profit from OnlyFans?

If you want to start with OnlyFans and plan to generate regular income through this platform, you should consider becoming self-employed. At least, that's the case for Belgium, where's it's not allowed to make money without declaring it to the tax authorities.

As soon as your income from Onlyfans (or any other platform) is no longer exceptional or one-off, and can be considered professional income, you might have to consider becoming self-employed.

Thinking about becoming self-employed? Here's how to get started:

1. Open a business bank account

It's best to do this as a first step because you need the account number when officially registering your self-employed activity. A business bank account number is mandatory for corporations, but not for sole proprietorships.

However, in the latter case, we still recommend opening a business account to keep a better overview of your income and expenses as a self-employed person.

2. Official registration

Register your self-employed activity with the Crossroads Bank for Enterprises (CBE) and apply for a VAT number. Also, decide whether you want to work as a self-employed person in a main or secondary occupation.

3. Estimate your annual turnover

Do you think you will turn over less than 25,000 euros annually? Then you can opt for the VAT exemption scheme for small enterprises. You then do not charge VAT and do not pay this to the Belgian state. This is possible for both self-employed persons in a main and secondary occupation.

4. Join a social counter office

This is a legal obligation for both sole proprietorships and corporations. A social insurance fund collects your social contributions and also supports you with questions about your enterprise.

💡Accountable tip: Starting as a self-employed can be overwhelming. If you're not sure what steps to take or how to get started, book a free chat with one of our Tax Coaches. They are happy to help you get started. ✨

How is OnlyFans revenue taxed in Belgium?

Depending on which business form you choose (sole proprietorship or corporation) and whether you are in a secondary or main occupation, your taxes look different.

For sole proprietorships, both in a main and secondary occupation, the tax pressure varies between 25 and 50%. However, you can reduce the tax pressure with professional expenses. And as an OnlyFans creator, you can be very creative. Think, in addition to your mobile phone, laptop, camera, and ring light, also about props you use for filming or your work clothing.

Find more professional expenses to optimise your taxes here.

However, if you earn much more money than you need to live on or pay enormous taxes due to your high income, it might be a good idea to set up a corporation. In a corporation, you pay 20-25% taxes on your income. The money you pay yourself from your corporation is seen as 'salary', and you pay taxes on it according to personal income tax.

What about VAT for Belgian OnlyFans creators?

OnlyFans acts as an intermediary platform, where creators offer their services to OnlyFans, which in turn provides fans access to these services. Both parties are subject to VAT, and the platform also deducts a 20% commission on each creator's earnings, including VAT, which OnlyFans then remits to the local authorities.

For creators within the European Union, even if they are registered for VAT purposes, OnlyFans takes care of the VAT payment. This is because it's considered a B2B transaction with a company based outside the EU, specifically in the United Kingdom.

For (new) independents on OnlyFans, navigating the terrain can sometimes be challenging. But rest assured, because Accountable is here to support you with your accounting and taxes. So, focus on creating your content and let Accountable crunch the numbers for you! 😉✨ Many online creators have already paved the way.

FAQ: Frequently Asked Questions about OnlyFans

Valesca Wilms

As content marketing lead at Accountable Belgium, Valesca writes about freelancing, self-employment, and taxes based on her own experience as a freelancer.