When I was working in the UK but being paid by the US, the US company still withheld the taxes as per my W2 deductions. I then submitted my tax return just like normal (which you have to do even if you are earning in foreign money) but you can claim a foreign earned income credit (the first $85K is tax free) and you can also get credit for the taxes you pay the HMRC.
Also, there are some tax credits if you plan to only live in the UK for less then 2 years from the UK.
So if you can figure out what is going to be deducted and what your taxes are going to be like, you can increase your deductions so that they take less and less tax out. For two years, I essentially paid < $1,000 in Federal and State taxes between mortgage interest credit and foreign earned income.
Getting professional tax advice in a dual US/UK tax accountant is probablly the best idea, because there is a lot of ins and outs that you should be aware of.