Harry Rollerson

Hello thank you for that explanation, I want to just confirm I have understood correctly as one aspect conflicts for me, if I could please be corrected. "Accordingly, the UK taxes a UK member of an LLC by reference to distributions of profits made by the LLC " (This refers to any personal income I have taken is taxable as a distribution on my personal income self assessment, ) "and not by reference to the income of the LLC as it arises (Capital retained within the business which is not paid out as a distribution to myself as an income, is not taxable and I should not declare as a dividend on my income self assessment). " "This means the income of the LLC will be taxed as a distribution" (this part conflicts for me as it refers to the income of the company and not myself?, does it refer to the total profits of the company? Meaning I should declare my companies profit as a dividend on my income self assessment, making my companies total profits subject to income tax) Or is this still referring to only money withdrawn from the businesses being taken as income by myself subject to the dividend tax. " Thank you for your assistance, I just want to ensure I am interpreting you correctly.

I own a US single member llc for the purposes of dropshipping in the USA to US customers. The US IRS views my company profits as personal income as I am a single member LLC, and say I should pay tax in my resident country as I do not have any physical inventory or (physical nexus). I understand there is a mismatch between the US and UK where the UK see my LLC as a separate company and I wanted to know, how I should be declaring and profits and whether this would be via corporate tax, income tax or both. And what forms I would use to do so. Thank you