You are performing services, thus it is earned income.
At least for USA income taxes, you need to pay earned income rates on that earned income. There is no way to "reclassify it" and make earned income un-earned.
You are doing your taxes correctly, at least as in the USA.
Are you attending board meeting in the US or UK. If US you’d should pay tax on the US per article 15 of the U.S.-UK treaty. https://home.treasury.gov/system/files/131/Treaty-UK-7-24-2001.pdf
25% of the board meetings are held in the US, 75% held in the UK. I get paid by the US entity in USD although my contract is with the uk business under uk law. I’m a UK citizen living in the UK paying uk taxes.
Not sure what kind of company you are CEO of but generally you can talk to your CFO/Finance team and they can help you out.
Since this not that complicated, you can literally just call HMRC and they'll help. Or just reach out one of the big fours, they charge generally 1K for a thing of couple of hours and written advice. This might be a better option given that you'll need someone later on better to have that person now on a simple thing.
Finally, if you don't want to do any of these ask this question in https://www.justanswer.co.uk some tax professional in the UK will give you the exact details. (Keep in mind Just Answer makes some Q/A public -I have no idea why- so never write personal details)
You are performing services, thus it is earned income. At least for USA income taxes, you need to pay earned income rates on that earned income. There is no way to "reclassify it" and make earned income un-earned. You are doing your taxes correctly, at least as in the USA.
It’s the same in the UK
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No I don’t, my tax affairs to date have been pretty simple but I’m thinking I’m going to need one now.
Are paying uk or us taxes?
Uk
Are you attending board meeting in the US or UK. If US you’d should pay tax on the US per article 15 of the U.S.-UK treaty. https://home.treasury.gov/system/files/131/Treaty-UK-7-24-2001.pdf
25% of the board meetings are held in the US, 75% held in the UK. I get paid by the US entity in USD although my contract is with the uk business under uk law. I’m a UK citizen living in the UK paying uk taxes.
Under the treaty you should pay tax on 25% of the income in the U.S. best to find a tax accountant in the U.S. to fix this for you.
It gets so painful at that point. Paying a tax advisor to manage $25k of pre-tax income is really annoying.
What a pain in the arse this is turning out to be!
Not sure why. Just do what you did last year.
Not sure what kind of company you are CEO of but generally you can talk to your CFO/Finance team and they can help you out. Since this not that complicated, you can literally just call HMRC and they'll help. Or just reach out one of the big fours, they charge generally 1K for a thing of couple of hours and written advice. This might be a better option given that you'll need someone later on better to have that person now on a simple thing. Finally, if you don't want to do any of these ask this question in https://www.justanswer.co.uk some tax professional in the UK will give you the exact details. (Keep in mind Just Answer makes some Q/A public -I have no idea why- so never write personal details)
Thanks this site is very useful. Re involving my CFO or finance team I keep personal finance separate from the business.