Tax Responsibilities For A Business Partnership

Tax responsibilities

The nominated partner must send a partnership Self Assessment tax return every year.

All the partners must:

  • send a personal Self Assessment tax return every year
  • pay Income Tax on their share of the partnership’s profits
  • pay National Insurance

The partnership will also have to register for VAT if you expect its takings to be more than £82,000 a year.

Date last updated: 10/07/2015