Taxes

Corporation tax

• Partnership is not considered a payer of income tax in level of a UK company, furthermore, every partner has to pay a tax from his part of gain from participation in partnership.  
  

• In case if partnership makes business outside UK, then in every specific case it is required to remark countries legislation and ascertain, if partnership will be a tax payer on a corporate  level in a country of operation.
  

• Corporation tax rates:
  

VAT

• In the UK a company or individual must register for VAT if their turnover is more than £60 000 in a twelve-month period (value of goods and services sold by the company).
• Registration means that at every stage of production and distribution VAT must be charged on anything that is sold.