Who should
complete SA103L Lloyd's Underwriters form
You should only fill in the Lloyd’s underwriters forms
SA103F
if you were trading as an underwriting member of Lloyd’s (or a Name)
at any time during the calendar year (January to December) leading
to the end of tax year - e.g. Calendar year 2007, if you are
completing returns for tax year ending 5th April 2008.
You can complete the SA103F Lloyd's Underwriter section within
Andica Self
Assessment software for individual tax payers returns. To
activate the data entry screens, while you are within the 'What
makes up your Tax Return' screen, select the check-box for Question
9 'Other supplementary pages' and select option c) for 'Lloyd's
underwriters - SA103L'.
You will usually be treated as a Name until your Lloyd’s deposit
is released. However, there may be circumstances where you are still
treated as a Name after your deposit is released. You will need to
check your status with HMRC Personal Tax Unit if you think this may
apply.
If you ceased trading as a Name before 1 January of the calendar
year leading to the end of previous tax year, (i.e. 1 January 2007,
if you are completing the returns for tax year ending 5 April 2008),
you should not fill in the Lloyd’s underwriters pages. Any income
you receive from Lloyd’s after that date is not treated as Lloyd’s
income but as a post-cessation receipt. This should be entered in
box 15 in the 'Other UK Income not included in other supplementary
pages' section your
Tax Return form
SA100. Any expenses relating to Lloyd’s which you incur after
you have ceased trading as Lloyd's underwriter are treated as
post-cessation expenses of the current tax year (i.e. 2007–08 in the
above example) and should be entered in box 16 of 'Other UK Income
not included in other supplementary pages' within your Tax Return
form SA100. Post-cessation expenses may only be set against
post-cessation income of the same or later years.
You can use
SA103L Short notes to assist with information on how to complete
the Self Employment Short form.
Andica Self Assessment
Tax
Returns Software for Individual tax payers provides features for
completion of SA103F Self Employment Full forms along with
SA100 Main tax
return and all other
supplementary forms.
