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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5147
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am a US citizen, a permanent UK resident. I own a home in

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I am a US citizen, a permanent UK resident. I own a home in the UK, my wife and childrean live in that home and are all dual US/UK citizens. I have just resigned from permanent employment and become an independent contractor. My first contract will be based in Singapore and start in August. I have formed a LLC in the US, and will be billing the client from that US company, and paying myself from the US bank account.
My question: For my UK tax return, do I report the income that I pay myself out of the US bank account of my LLC, or do I report all income made by the US-based LLC?

Thank you for your question.

A LLC is equivalent to a LLP in the UK. For tax purposes, profits of LLC are chargeable to income tax and not corporation tax.

You would report profits of the LLC when completing your UK tax return and not the amounts drawn from the LLC bank account..

I hope this is helpful and anwers your question. and other Tax Specialists are ready to help you