SA103L Lloyd's Underwriters Form

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 2011, if you are completing returns for tax year ending 5th April 2012.

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 2011, if you are completing the returns for tax year ending 5 April 2012, 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. 2011–12 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.