Hello all!
My situation: I'm a dual UK/US citizen (dual passport) currently living in California. I have a Texas-based single member LLC for my consulting business (lived in Austin for 3 years). As of January 1st, I plan to pay myself W-2 (instead of just letting the income fall through), because it will enable me to get a better mortgage.
I would like to start living part time in York, to be near my UK family. I will probably spend the better-weather months in England, and the rest of my time in CA. I don't plan on moving permanently to the UK at any time.
All pay will be from my US LLC to my US bank account; I am definitely self-employed (according to my US accountant) by US standards. I don't plan on moving until at least May of next year.
I've spent the better part of my day reading through all 40 pages of these "US - UK Taxes" threads, educating myself as best possible. My situation seems closets to Lizzit's comment "Options 2 & 3" here:
http://talk.uk-yankee.com/index.php?topic=16586.0 [nofollow] My questions include:
- Does being a W-2 employee of my own LLC help/hurt me?
- I'm a UK citizen, so how do I handle health insurance while in the UK?
- What if I find new UK clients while I am in the UK?
- Are there any applicable tax deductions for overseas trips?
- Will it hurt if I rent my current US residence (and live with family when in CA)?
I realize these are very specific questions; any advise will be much appreciated. Also, if anyone can recommend someone I can speak with about these issues while still in the US, please provide that referral.
Taxes scare me to death, so I want to be sure I do this right.
Thanks!
Victoria