Self Assesment with US LLC Income

mnatalini

Dear All

I own a small stake in a US LLC from which I received a distribution.

I also received the relevant US K-1 Schedule.

Could you please tell me how to account for it in my self assesment?

Thanks for the help!

Regards,

Max

xylophone

http://www.hmrc.gov.uk/sa/introduction.htm
http://m.accountingweb.co.uk/anyanswers/question/usa-documents
It looks to me as though you will need to request additional pages but the question is which - ring your tax office and ask.

pjclar02

mnatalini wrote: »

Dear All

I own a small stake in a US LLC from which I received a distribution.

I also received the relevant US K-1 Schedule.

Could you please tell me how to account for it in my self assesment?
Max

You will need to fill out the foriegn supplementary pages (SA106) of your tax return. You can download these here if filling out the paper form:

http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=EZbpjD2hV2M&formId=3188

Cook_County

The distribution is a foreign dividend reportable on the foreign pages.

There is no credit for foreign tax as the US taxes the income as partnership income; you can still claim the notional 10% foreign tax.

If there is US source income you will have had US tax withheld and reported on form 8805 so you should not have to separately file a US income tax return.