Share of profits from LLC in USA

It depends

LLC's can be taxed in America in different ways.

The basic question is to asertain whether the LLC is treated as transparent in the US i.e. are they taxed on profits arising - in which case you enter their profit share on the foreign schedule in the UK return. If they are taxed on the amounts drawn I believe it is effectively a dividend with a tax credit according to the US/UK agreement but again it is shown on the foreign schedule.

There is no liability to Class 4

see previous post  http://www

see previous post  https://www.accountingweb.co.uk/anyanswers/question/trading-america 

Election

In America, depending on it's makeup, an LLC can elect to be taxed as a corporation, a partnership or a sole trader. The tax treatment here will flow from the tax treatment there.

http://www.irs.gov/businesses/small/article/0,,id=98277,00.html 

This is also relevant here pending appeal - I haven't heard any more of the progress but someone else may have

http://www.hmrc.gov.uk/international/swift-v-hmrc.htm 

Further useful links

http://www.hmrc.gov.uk/manuals/intmanual/INTM335510.htm 

http://www.hmrc.gov.uk/manuals/intmanual/INTM180030.htm 

ah well - back to self assessment