Hi all,
So last October, I ventured into the world of Freelancing as a Designer in the UK, and per my accountants recommendations, have setup a Limited Company, where I am the director and sole employee.
I get paid a basic salary, and the rest in dividends, and my gross income is looking to be around £60,000 GBP for the year.
I have filed US taxes before, but after doing some research on advice as to how I should file taxes now that I get income as dividends, I'm left very confused, a little nervous, and worried that having a limited company may be more trouble than it's worth when it comes to taxes.
My primary question is anyone in a similar position and what forms would they recommend I look into? There's been talk of filing a 5471, but as I don't technically own stock in the company, and based on the projected turnover, I wasn't sure this was relevant. Also, mainly is there any way to get my dividends that are paid by the company to be included under the foreign income exclusion?
Any help would be amazing, as am currently quite lost.
Thanks,
Jamie
So last October, I ventured into the world of Freelancing as a Designer in the UK, and per my accountants recommendations, have setup a Limited Company, where I am the director and sole employee.
I get paid a basic salary, and the rest in dividends, and my gross income is looking to be around £60,000 GBP for the year.
I have filed US taxes before, but after doing some research on advice as to how I should file taxes now that I get income as dividends, I'm left very confused, a little nervous, and worried that having a limited company may be more trouble than it's worth when it comes to taxes.
My primary question is anyone in a similar position and what forms would they recommend I look into? There's been talk of filing a 5471, but as I don't technically own stock in the company, and based on the projected turnover, I wasn't sure this was relevant. Also, mainly is there any way to get my dividends that are paid by the company to be included under the foreign income exclusion?
Any help would be amazing, as am currently quite lost.
Thanks,
Jamie