I didn't realise that Stamp duty land tax is a personal tax and the responsibility of the purchaser to calculate it correctly and pay it on time, not the conveyancer and not your mortgage advisor, but you!....I can now help to provide a quick accurate calculation in under a minute and if needed, professional certified Tax advice is just a click away, the initial chat with the tax adviser is free, call me to find out more...
We have partnered with Stamp to provide a free service to our clients where together we can check the stamp duty land tax position on all transactions.
Stamp Duty Land Tax ( SDLT ) is a tax that is paid in the UK on propertypurchases up and above £250,000 (residential).It is the buyers responsibilityto calculate and pay the correct fee on all transactions, it's not the conveyancer or mortgage advisers job to calculate the correct tax due.
Current results and research show that upwards of 25% of all SDLT calculations in the UK have errors.
Inclusion of additional reliefs and rebates brought in by the HMRC has made calculations more complex.
This is because both property and the people who own them are never fit in a standard box.
Lawyers have been lumped with the responsibility of conducting Tax calculations when it is not their responsibility.
However, we now have a solution!
Your financial journey matters to us and we're eager to be a part of it!
Current transactions. . . . We can ensure that the correct calculation is applied for any transaction. Including fully certified advice from our property CTAs.
It’s not just about the “bricks and mortar” but also about the owners tax position.
There are 49 different reliefs that are often overlooked.
The HMRC receive in excess of £2bn in over payment. . . each year!
Following a simple 17 question system just 2 results are produced, Standard or Non- Standard. If you receive a Non Standard result you can be referred instantly to a certified tax adviser for further investigation.
Any client that is referred from the STAMP platform will receive direct contact from one of our Tax Advisers, who will then directly engage with them to get an accurate SDLT rate. This is all Free of charge and a client only pays a fee if they wish this advice to be certified.
As SDLT is a personal tax it is the responsibility of the client to ensure it is accurate and paid correctly. The reason there is a charge for certifying the advice is to protect the client. Fully certified advice means that the liability for that advice is with the tax adviser and not the client!
We always recommend certified advice, however the client can opt to take the calculated risk.
This is something we always leave until last. You may ask, why not use the HMRC’s SDLT calculator?
The HMRC’s calculator by their own admission is just a guide and not a full calculator. It is also built to miss many reliefs which benefits the HMRC through overpayments. It also means that any professional using the calculator is technically giving tax advice and massively increases exposure to risk!
STAMP is designed to be the much smarter option for everyone!
Reach out and let's start a conversation.
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