Paying tax on OnlyFans income in Ireland.

Irish people who receive money from OnlyFans are sole traders. In the eyes of Revenue, they are classed as being self-employed. This is because they are selling a service to others.

OnlyFans does not pay your income tax for you.

This is something that you are responsible for.

As a result, you will need to register for Income Tax self-assessment on Revenue.ie.

If the amount of income is small, then you will probably be able to handle all of this yourself.

However, if you find that you are earning a substantial amount of money, then you should contact an accountant.

This is what we call a “good problem”.

An accountant will file your taxes on your behalf and advise you on what to do. They will tell you to start a private limited company if your earnings are particularly high. They will also show you how to avail of tax relief on pension contributions.

More importantly, hiring an accountant will help you avoid making any costly mistakes.

Will Revenue find out if I don’t pay tax on my OnlyFans income?

It is possible that Revenue will find out if you don’t pay tax on your OnlyFans income. Even if you are using Revolut as your bank account.

OnlyFans payments are electronic. In other words, they leave a paper trail.

Furthermore, Revenue has a lot of power. It can request information about your bank account.

Your bank will also automatically refer information to Revenue about any payment irregularities. For example, if you get a large sum of money.

Tax authorities in Europe also trade information with one another, so stashing your income in a Revolut account might not be as foolproof as you think it is.

There is also the chance that someone will report you directly to Revenue.

Basically, tax evasion isn’t worth the risk. If you get caught, you will regret it. Not only will you have to pay the tax that you owe, you will also end up paying “interest” on top of it.

This article was posted in Ireland on February 19, 2021.