KochuK
Employee Tax Expert

Self employed

Hi mburwell,

Assume that you have a Single Member LLC, a disregarded entity for Federal income tax purpose. You live and work in the US.  And you report your consulting business in Schedule C, Profit or Loss From Business.

https://www.irs.gov/pub/irs-pdf/f1040sc.pdf

https://www.irs.gov/pub/irs-pdf/i1040sc.pdf

 

The revenue from your UK international client is to be included on Part I Income line 1 Gross receipts or sales because we need to report worldwide income.

 

If you received in UK Pounds, you can translate into US$.

https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

 

If foreign bank account, you might be subject to Form 8938 and FBAR requirements.

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

 

Hope this helps. Thank you.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"