Form of government:Parliamentary monarchy
Area:243 809 км2
How to open a business partnership?
In a company created as a business partnership, you and your partner(s) are personally responsible for your activities. Income can be divided between the partners and each of the partners is obliged to pay taxes on their income. Each of the partners is responsible within the limits of his share for all losses incurred by the company; on accounts that are paid for the purpose of ensuring activity. Not only a natural person, but also a legal entity can be a member of a business partnership. A business partnership must have its own name, which must be registered with the UK’s HMRC.
The following tax obligations are imposed on business companies:
- The managing partner is obliged to send the company's tax report annually.
Each of the partners is obliged to:
- submit your tax report annually;
- to pay income tax within the limits of his share in the company's profit;
- to pay social insurance;
A company must be registered for VAT if its turnover exceeds £82,000 a year.