Our new quoting service designed to allow clients to check their potential Stamp Duty Liability quickly and easily has already been a great success for us and our clients.
In June 2024, we were able to help buyers save over £500,000 in potential Stamp Duty Overpayments. That’s Half a million pounds in the pockets of clients that could have been mistakenly paid to HMRC. The potential future claims against firms who hadn’t spotted this doesn’t bear thinking about.
Stamp Duty isn’t as straightforward as you might hope. Is your firm across all the various factors which can influence the final assessment:
- Mixed Use
- HRAD (3% Surcharge)
- Non-UK Buyer’s 2% Surcharge
- Derelict Property
- Commercial Lease Arrangements
These are just a handful of the circumstances which can have a significant impact on a client’s liability to Stamp Duty and if it comes to light later down the line that they’ve paid the wrong amount, rightly or wrongly it will be their conveyancer in the crosshairs.
Investigations of historical cases waste valuable fee-payers’ time, create bad feeling with clients and can negatively impact your firm’s reputation in the local area and with the regulator. They can also lead to costly complaints that result not only in payouts for clients but also increases in PII premiums.
In one recent case alone, Compass was able to determine that a previous estimate of Stamp Duty liability at £370,000 was entirely inaccurate. The client’s true liability was £zero.
Imagine being the fee earner responsible for a client overpaying their tax liability by nearly £400,000. Now imagine that one simple form could remove even the possibility of that ever happening. That’s what Compass Quote does.
Don’t overthink it. Don’t Guess at it. Just Outsource it and let Compass Take Care of it.
This article was submitted to be published by 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.
