When it comes to Stamp Duty, for a long time there has only been one way to calculate what’s owed. HMRC’s online Stamp Duty Calculator has long been the sole port of call for solicitors, estate agents, mortgage brokers and buyers looking to work out HMRC’s due on the purchase of a new property.
But how good is that calculator?
Recent surges in claims against law firms for missed reliefs and the proliferation of “Claim Farmers” offering homeowners the chance to claim refunds on their Stamp Duty suggests “not very”– thank goodness there’s now an alternative.
Designed specifically to address the shortfalls in HMRC’s online calculator, here’s five ways Compass gets the job done better:
1. Built to Law Society Standards
In 2019 the Law Society amended its Conveyancing Quality Scheme guidelines to require that member firms keep a detailed record of how SDLT liability was calculated on each property transaction, including a detailed audit trail. Compass was designed with this requirement in mind, and is fully compliant with these requirements.
Compass is backed by full Professional Indemnity Cover, providing a fully accountable service to all users. In the extremely unlikely case of an error or miscalculation, a client has the reassurance of this backup, instead of a faceless online government portal which leaves responsibility solely in the hands of the user.
3. Designed by experts
Compass has been built from the ground up to be the best solution to the issue of SDLT calculation, with input from expert tax advisers, conveyancing lawyers and a dedicated programming team.
By examining SDLT in its entirety, they have been able to design a tool more comprehensive, user friendly and accurate than the HMRC version.
4. Linked to expert advice
Compass provides not only the most sophisticated and comprehensive algorithms to calculate Stamp Duty liability based on all relevant factors, but is also backed by expert advice.
Where cases are marginal or excessively complex, Compass will refer them to an expert adviser who will examine the case and provide detailed advice as to what the liability should be.
5. Constantly Updated
Compass is subject to a regime of continuous updates, small and large. SDLT is one of the most regularly updated and amended taxes on the UK statute books, with new reliefs, adjustments to thresholds and evolving surcharges a more or less regular occurrence.
Only by having a system regularly monitored and updated by a team of experts can one hope to maintain accuracy in calculating the liability.
It’s not hard to see that Compass provides the superior service. Designed to catch all 49 current reliefs which exist within the legislation, built to be easy-to-use and subject to regular updates and monitoring.
The only real question is why you’d even consider not using it. Contact us today:
This article was submitted to be published by SDLT Compass as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.