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What is SDLT Compass?
SDLT Compass is a system developed by a team of Stamp Duty Land Tax expert tax advisers to solve a complex and much misunderstood problem which has bedevilled conveyancers since 2003.
Conveyancers need a fast, effective, accurate method for assessing the SDLT/LTT/LBTT due on any property transaction.
Compass delivers this for conveyancers and produces a detailed audit trail to fulfil their CQS and compliance obligations, with the option of referring their clients to a specialist adviser where required.
The UK’s First and Only Accurate SDLT/LTT & LBTT Calculator
HMRC’s own ‘SDLT Calculator’ lacks many of the nuances necessary to deal with a whole variety of UK property transactions, from mixed-use purchases to acquisitions of land for development. It states that it is just a guide and cannot be relied on. Also, HMRC’s ‘helpline’ is often slow to respond, and manned by staff who are not experts in tax law or SDLT. Neither offers advice or stands behind any comments made, leaving the risk with conveyancers. In contrast Compass stands behind its expert assessments of the tax due. Designed by experts, constantly updated to take account of every change to SDLT legislation and underwritten by a team which has over a century’s worth of tax advice experience between them.
Simple, web-based interface
An uncomplicated layout belying an advanced algorithm coded to reflect the very latest SDLT position in UK law. Compass gives you the answers you need without the hassle of considering dozens of irrelevant details.
ensure cqs compliance
Designed to produce a detailed audit trail to the specifications mandated in the latest CQS and Law Society tax guidance, Compass fulfils your obligations without having to spend additional time and money on each transaction.
avoid costly sdlt errors
Each year, millions of pounds of overpaid SDLT is reclaimed from HMRC. Thousands of claims sprang up against firms for missed Multiple Dwellings Relief claims in the previous twelve months alone. Compass will ensure that you need never worry about these types of issues again.
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Simply, it provides an accurate calculation of the SDLT/LTT or LBTT liability on any transaction for any type of purchase in any UK country.
Backed by the expertise of a team of SDLT specialist tax advisers, it is the only solution you need to ensure that your firm avoids any potentially costly errors in SDLT/LTT/LBTT calculation on any transaction.
Laid out in a simple, four page process, Compass will ask you the relevant questions for each transaction, procedurally generating further relevant questions based on each answer to ensure that you don’t waste time wading through irrelevant text.
Once all questions are answered, the system will generate an estimate of the tax due, together with an assessment of whether the case is High Risk or Low Risk. Low Risk cases will be automatically verified and allow the printout of an indemnified and fully CQS compliant audit trail for your records.
High Risk cases will offer the opportunity to immediately refer the case to a specialised adviser who will be able to provide a full answer to you and your clients within 48 hours.
HMRC do indeed supply three ‘calculators’, which by their own admission are merely intended as ‘a guide’. HMRC’s website does not guide you to which calculator is the correct one for any specific transaction, and therefore leaves you unable to take account of several relevant variables that might produce different results from the norm, including various aspects of a transaction that may lead to exemptions and reliefs. Compass has been designed from the ground up to take account of all such factors, and to flag where specialist advice should be sought in relevant circumstances.