I'm the director of UK limited company and I'm getting hit HARD by GILTI. I'm not sure I can even afford to keep my business open.
By chance (or luck?) I have a US client who currently pays me through UK corporation but of course could easily pay me instead into my US account if I wanted.
So with that in mind, would I be able to simplify my US tax liability and avoid all this GILTI drama by ‘moving’ my business to the US and earning US dollars — so effectively dissolve my UK company and have my US client start paying into my US bank account? I would still live in the UK, but my main income would be paid in $ in the US and I would just use a credit card or draw money now and again. I may still earn a bit here in the UK as a freelancer, but it would be nominal.
So I guess my question is --- is there any US tax rule that says I have to be living in the US to earn monies there as a self-employed person or business? I'm thinking I would have the same tax status/liability as a digital nomad?
Anyone here do something similar?
(As for my UK liability, I've already discussed this with my UK accountant and there are ways around this)