The rules surrounding commercial and residential Stamp Duty Land Tax (SDLT) can be complex. This complexity, as well as recent changes to the SDLT threshold, can mean that thousands of people each year find themselves paying too much tax on their property purchases.
Our team at Innovation 4 Business are Stamp Duty Land Tax specialists, with extensive experience in assisting clients with their tax liability. This involves assessing their transactions in order to ascertain whether they’ve paid the right amount of tax, and if they’ve paid too much, contacting HMRC on their behalf in order to obtain a refund. Not only this, but our expert team can also offer pre-advice to ensure clients are paying the correct amount of tax at the point of completion.
Currently 1 in 4 transactions are being calculated incorrectly, this is due to reliefs and exemptions that are physically in legislation not being applied in eligible transactions. There are currently 49 legislative reliefs and exemptions that can genuinely reduce an SDLT liability, and this is ever changing as reliefs are regularly reviewed.
One example of this is how we helped our recent client, an established agent themselves, save over £7,000 on their Stamp Duty for a property valued at over £230,000.
Our Client’s Journey
Our client was in the process of purchasing a residential property based in central Liverpool. The property was worth over £230,000, and the agent came to Innovation 4 Business to enquire whether they were eligible to make any savings on their Stamp Duty Land Tax.
After the client’s initial enquiry, our team of Stamp Duty Land Tax specialists set to work. We were able to ascertain that an applicable relief had not been applied. This meant that the client was eligible for a Stamp Duty Land Tax refund.
We then facilitated a refund from HMRC worth over £7,000, enabling the client to make a significant saving on their investment.
When asked about our service, the client said:
“Alex and the team are professional and very knowledge about the reliefs that can be applied for property transactions.
The guidance on what documents to provide was clear and I was updated throughout the case with progress reports. The claim was successful and I will be using Innovation 4 Business to help on my future transactions.”
How Innovation 4 Business Can Help
Our highly experienced and knowledgeable team of SDLT advice specialists can help you navigate the complicated world of stamp duty as well as other areas of property tax.
If you’re unsure about whether you’ve paid the correct amount of Stamp Duty Land Tax or would like to find out more about whether you are entitled to SDLT relief, talk to us. Call 0121 309 0222 or email email@example.com to see what we can do for you.