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.
Why this matters
Indemnifies your firm by passing on the risk for SDLT calculations
1 in 5 submissions are incorrect
Delivers on your CQS compliance obligations
Prevents Loss of professional reputation both locally and nationally and spiralling PII costs.
Saves fee earning time
Conveyancers are not tax experts, allows you to get on with what you are experts at