Half of year in US, the other in UK - Tax Implications!?!?

And now my tax situation gets even more complicated! 

I am self employed and carry out my work on the the internet/computer. I plan to work half of the year in the UK (money earned in the UK) then the other half in the US (earning money and receiving monies in the US)

Is this doable ie. for tax purposes? What would my tax residency be? (I have dual citzenship)

Would I lose out alot of money due to being taxed in two countries? I ask this as I may not be able to have the foreign tax exculsions due to tax residency issues.

Tell me there is light at the end of this dark tunnel!

This is our long term plan so I would be curious. I thought that if you spend six months minus one day in the UK then you are not a resident for tax purposes, but I could be wrong. Isn't that how the rich people get out of paying taxes?

Andy

As you would not be a bonafide resident of the U.K in the eyes of the IRS, then you can't file a 2555(EZ). At the end of the day, you won't pay tax on the same income twice, so from what I see, it would be a 1116 to handle the foreign tax credit for earned income in the U.K. HMRC will have simular rules for U.S income. Residency rules are a bit complex in the U.K, ordinary residence etc. I believe that you need to spend less then half the year in the U.K, or less then 90 days over 4 years. A dual qualified accountant would be best I think, especially if you want total freedom to travel, earn in both countries without date counting.