LLM2160 - Syndicate accounts: taxation: syndicate and personal expenses
Syndicate level expenses
The syndicate바카라 사이트™s expenses are allowable subject to normal rules on the computation of business profits.
The main syndicate expenses are those incurred by the managing agent in respect of the active underwriter and claims handling staff, and general administration. They may be cross-checked against the managing agent바카라 사이트™s accounts.
바카라 사이트˜Personal expenses바카라 사이트™
The syndicate managing agent will also meet certain expenses on behalf of the members. These 바카라 사이트˜personal expenses바카라 사이트™ are not generally shown in the underwriting account, but are deducted from the year of account balance on the balance sheet, with details of the deduction shown only in a note to the accounts.
They are included within the syndicate바카라 사이트™s overall trading result by virtue of FA93/S184 (2)(c) for individual members (LLM5050) and FA94/230(2)(b) for corporate members (LLM4140).
Agents바카라 사이트™ profit commission
Managing agent바카라 사이트™s and members바카라 사이트™ agent바카라 사이트™s profit commission are examples of 바카라 사이트˜personal expenses바카라 사이트™.
They are both allowable expenses of the trade (LLM4140 and LLM5150). Managing agent바카라 사이트™s commission is included within the syndicate바카라 사이트™s trading result.
The profit commission and salary of members바카라 사이트™ agents are dealt with as non-syndicate matters for individuals under FA93/S172 (1)(c). An estimated deduction for member바카라 사이트™s agents바카라 사이트™ fees is generally shown in the notes to the accounts under the heading of 바카라 사이트˜personal expenses바카라 사이트™.