Conveyancing professionals are being invited to take part in a new industry survey examining how law firms manage Stamp Duty Land Tax (SDLT), identify complex transactions and protect themselves and their clients against potential errors.
Launched by property tax specialists Compass, the survey aims to build a clearer picture of how SDLT is handled across the conveyancing sector, from the calculation and submission of returns to the use of specialist advice and risk management procedures.
With SDLT legislation becoming increasingly complex, law firms face growing challenges in ensuring that transactions are assessed correctly and that potential liabilities are identified before returns are submitted to HMRC.
The short survey explores a range of issues, including how firms identify transactions involving complex SDLT considerations, whether they have formal procedures for referring matters to specialists and how confident they are in the accuracy of their calculations.
It also examines whether firms have identified SDLT errors after submission, experienced HMRC enquiries or compliance checks, and how confident they are about the protection offered by their professional indemnity insurance.
The survey is completely anonymous, with no requirement for participants to provide their name, firm or contact details.
However, everyone who completes the survey will have the option to enter their contact details at the end to be included in a free prize draw to win a Fortnum & Mason Christmas hamper.
Contact details submitted for the prize draw will be kept separate from survey responses and will not be used to identify individual firms or their answers.
Lidia Quinlan, Director and Head of Sales at Compass, said:
“SDLT is an increasingly complex area of property transactions and we know from our work with conveyancing firms that approaches to managing that complexity can vary considerably.
We want to understand how firms are dealing with these challenges in practice, where they feel confident and where there may be opportunities to strengthen existing processes.
The aim is to gather meaningful insights from across the profession, which we can share with the wider conveyancing community to help raise awareness of potential risks and encourage best practice.”
The survey takes approximately three minutes to complete and is open to conveyancing professionals across England.
Compass intends to publish the findings, providing an overview of current SDLT practices, the challenges facing law firms and potential areas for improvement.
Complete the Compass SDLT Survey here
Participants wishing to enter the free prize draw can provide their contact details at the end of the survey. No purchase is necessary.
Prize draw terms and conditions apply.
This article was submitted by Compass as part of an advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the advertiser and not those of Today’s Conveyancer.
