Did you know that in the UK, an estimated 120,000 home buyers overpaid their stamp duty unknowingly? The government is in debt to these homeowners, but sadly, most of them have zero idea. If only they knew, they could get a good sum of money sent their way. Are you one of them? How would you know?
The most efficient way of finding out is by working with qualified tax advisors. David Hannah, the Principal Consultant at Cornerstone, may just be your best bet. Not only is David a specialist on SDLT matters in the UK, he has 30 years of experience under his belt dealing with property tax.
What Are the Rules of Paying SDLT?
There are many variables affecting how much in stamp duty you owe to the HMRC. This includes factors like your citizenship, the number of properties you own, location of the property, and the use of your property. There are stamp duty online calculators available to give you a guideline, but they may not be fully accurate.
As recent as the past year, the rules for SDLT have changed more times than any other obligatory taxes in the UK. This is due to the stamp duty ‘holiday’, which ended at the end of September 2021. Under this holiday, property buyers were exempted from taxes if their property is valued at £500,000 or less. It is also because of this holiday that many property owners have unknowingly overpaid.
Is It Necessary to Work With a Tax Advisor?
Unless you’ve spent a considerably good amount of time reading up on every tax law in the country, hiring a tax advisor like David Hannah may save you from heaps of trouble. The thing is, tax-related matters aren’t as straightforward as they seem. Rules are never uniform and are specific to each person’s circumstances.
Though online SDLT calculators are available across the web, they are prone to inaccuracy. As mentioned, many people in the UK have fallen into the mistake of overpaying their stamp duty. And, when they do, it’s not as if the HMRC will notify them that they are owed money. Hiring a person whose professional duties are specific to the matter will get you results you or online calculators can’t achieve.
Who’s David Hannah?
David Hannah is the principal consultant at Cornerstone – a leading tax advisory firm in the UK. The firm currently has over 30 consultants in Leicestershire and London with experts on SDLT Refunds.
With decades of experience on taxes, David Hannah is especially well-known for dealing with SDLT matters. He also provides training to less-experienced solicitors. When working with David Hannah, you don’t have to worry if you are owed money by the government unknowingly because he will certainly make sure for you.
It’s not just about tax refunds, either. In many cases, a qualified and experienced tax advisor like David Hannah can help you figure out if there are ways that you could use to pay less on your tax bill – legally, of course. Knowing that you are eligible for a refund on your stamp duty is only the beginning. You would also need to fill various paperworks to the HM Revenue and Customs in order to prove your case.
You can definitely have a higher chance of winning your case with the help of a seasoned tax advisor, as opposed to doing it yourself.