SDLT Compass
SDLT
UK Conveyancing has a problem, and Stamp Duty Land Tax is at the heart of it.
- Increasingly complex legislation
- Opaque guidance and lack of support from HMRC
- An “official” calculator which struggles to keep pace with an increasingly complex, ever-evolving tax, and which HMRC themselves describe as merely “a guide”
As a result, as many as one in five purchasers in the UK are likely to be paying the wrong amount of Stamp Duty.
Too little and clients may be looking at significant extra borrowing, fines, possibly even the breakdown of a purchase.
Too much, and they may lose thousands of pounds at a time when few can afford it.
Many firms are already feeling the bite of this issue in terms of claims and complaints from clients.
That’s where Compass comes in.
Designed in conjunction with tax advisors, conveyancing solicitors and technical experts, Compass is a bespoke, accurate calculator for the SDLT due on any kind of property transaction. It’s also tuned for Scotland (LBTT) and Wales (LTT).
It’s backed up by a panel of individual tax experts ready to offer detailed advice to your clients where required.
It features a portal for provision of answers to questions direct from your clients and a submission tool to seamlessly capture data and pull through to the direct HMRC submission screen.
| Outsourced SDLT | Inhouse SDLT |
| No concern about accurately calculating manually |
Manual calculations- conveyancers are not tax experts
|
| No threats or letters of litigation | Disagreements with purchasers |
| No hours of research required | Wasted time |
| No brand damage or personal embarrassment | Cross checking and potentially damaging guesswork |
| Improved PII Renewal Terms | Risk |
