How DAC7 affects Onlyfans creators

If you don’t comply, you might end up losing your money and facing penalties.

What is the DAC7 form and how it affects you?

The EU DAC 7 Directive is designed to ensure that digital platforms report all information about users’ economic activities and tax residency to the relevant tax authorities.

How it works

Starting in January 2024, all digital platforms like Onlyfans will request their creator's data through a form which will be reported to their country tax authorities.

Information requested

Onlyfans will request your full name, bank account, tax identification number and VAT number when applicable.

Fines and penalties

Depending on the country of residence, creators may face Social Security and Tax penalties in case they are not duly registered.

How TaxMove can help you

Planning

We will evaluate your current situation to identify the most effective strategy for DAC7 compliance. Based on our assessment, we will suggest the best approach, whether incorporating a company to optimize your tax obligations or relocating your tax residence to a more advantageous jurisdiction.

Taking action

Once a decision has been made, we will implement the chosen structure to ensure seamless adherence to all relevant regulations. The new structure will be incorporated efficiently, and you will have the full support of TaxMove throughout the entire process, ensuring that all steps are completed smoothly and effectively.

Filing DAC7 form

Upon implementing the structure, you will be able to complete the DAC7 form accurately and withdraw money without facing potential penalties, ensuring that you pay the least amount of taxes possible while being 100% compliant.

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Henry T.

Had a great experience working with TaxMove, they helped us figure out what would be the most tax efficient method of trading within the EU, and which jurisdiction was best for us in the EU. We had a Hong Kong business that was looking to trade within the EU, so needed to set up a company there, and they helped us figure out what would work best. Thanks!

Jennifer C.

TaxMove provided excellent guidance on tax planning and answered my questions in great detail. The team also shared valuable resources to explore further. I’ll definitely reach out again if I need further help, as they are clearly very knowledgeable.

Chris W.

I had the pleasure of working with TaxMove for my unique tax situation, and I couldn’t be more satisfied with the expertise and guidance provided. Throughout the process, they were prompt, professional, and patiently addressed all my queries, ensuring I had a comprehensive understanding of my tax obligations. I highly recommend them for anyone seeking expert advice on complex tax matters. I look forward to collaborating again in the future. Thank you for the outstanding service!

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Whether you plan to expand your business into a new jurisdiction or just reduce your tax burden, TaxMove is here to support you every step of the way

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