If you are thinking of starting your own business in Great Britain and do not want to take risks yourself, but want to cooperate with a trusted partner, it is a good idea to establish a partnership. The company is managed by at least two people who share the risks, costs and profits from their activities. As each partner is registered as a self-employed person, he/she is responsible for debts with his/her own financial resources.
Running a business and settling taxes
In the case of this form of business, the creditors may demand payment of the debt from each of the partners, regardless of which of them is responsible for it. Deciding on this form of cooperation, we must be aware that we will be responsible not only for our own actions, but also for the actions of our partners. A big advantage of the company is its individual name, allowing for better promotion of its own, better than in the case of the name and surname.
Tax settlement is not complicated and the whole process resembles the one that takes place in the case of self-employed persons. The tax office should be provided with information about the revenues and costs of the business, and each partner pays a tax on his income share. It is worth adding that every partner who is registered as a self-employed person need to send their own Self-Assessment. In turn, one of the partners is to submit the so-called Partnership Tax Return on behalf of their entire company.
Professional help of the accountancy office
PolAccount, as a accountancy office, helps compatriots to exist on the British market and establish their own businesses. We provide comprehensive services, which include:
- Registration and closure of the company in the form of partnership;
- Tax settlement in the UK, including preparation of settlements for all partners separately and assistance with formal issues related to taxes;
- Expert advice on the selection of the optimal form of business, assistance in registration in the CIS, submission of documents, etc.
As experienced specialists, we will deal with the majority of formalities for you, we will explain the procedures and help you start your own business in the UK. Thanks to this you will be able to focus on developing your business – we will take care of everything else.
We encourage you to contact us or visit one of the branches of our accounting office.