Due to the economic change and the number of changes to Stamp Duty Land Tax over the past couple of years, there has been an increase in the number of homebuyers seeking refunds after overpaying SDLT.
The alarming thing is that most homeowners are not aware they’ve overpaid tax, and it’s not something HM Revenue and Customs will often make them aware of. The only way to know for sure if you’ve overpaid SDLT and if you’re eligible for a refund is to consult with a tax advisor specialising in SDLT. This is exactly what David Hannah of Cornerstone Tax Advisors does.
David Hannah ACA, CTA, is a Principal Consultant and has helped countless people discover they are owed tax and helped them claim a refund from HM Revenue and Customs.
If you have reason to believe you’ve overpaid SDLT, or if you have any other questions regarding UK tax laws, you should reach out to David at Cornerstone.
No matter how long ago you purchased your home or what the specifics of your case are, either David or one of the other Principal Consultants will be able to help.
Why use a tax advisor?
Whether you’re buying or selling property, running your own business, or managing a portfolio of investments and savings, it’s within your best interests to be sure you’re paying the right amount of tax.
Tax is a complicated area of law. While the rates often look linear and straightforward, there are many rules specific to a person’s individual circumstances that can affect how much tax you should have paid.
The reality is that thousands of people realise they have overpaid tax every year and are eligible for a refund. It’s unknown how many more never find out they are due a refund which is even more alarming.
There is no guarantee that the government will discover you’ve overpaid and offer you a refund. The only way to be sure whether or not you’re owed money is to work with a tax advisor.
In some cases, working with a tax advisor will uncover ways you could have lawfully reduced your tax bill, too.
Finding out you’re eligible for a refund is only the first step. You also need to prove your case to HM Revenue and Customs by filling out the correct paperwork.
This is also something that tax advisors can help with, it’s not something you should worry about trying to do yourself. If you want to maximise your chance of successfully seeking a tax refund, it’s advisable to work with a tax specialist.
How Cornerstone tax advisors and David Hannah can help
As one of the fastest-growing tax advisory firms in the UK, Cornerstone is at the forefront helping people discover if they’ve overpaid tax and helping them seek a refund from the government.
With offices in London and Leicestershire and more than 30 consultants and administrative staff, Cornerstone is able to provide a wide range of expertise and experience covering all areas of UK tax laws.
David Hannah is a leading voice on SDLT in the UK. He’s spent more than three decades working with property tax and is able to use his expertise to help resolve the most complex of cases.
Cornerstone also has other Principal Consultants and tax advisors covering other areas of tax laws.
When do you pay SDLT?
When purchasing property or land in England or Northern Ireland, you typically pay Stamp Duty Land Tax on the purchase based on how much you paid.
SDLT has been subject to more changes in rates than any other comparable tax in recent years. This is where part of the confusion comes from, and why there have been so many errors and refunds being issued.
At the time of publishing this, SDLT rates have been reduced due to a ‘stamp duty holiday’ being implemented by the government. This is scheduled to end on June 30th, so the rates are going to change again.
The rules under the current holiday scheme have seen the bracket in which you first start paying tax raised from £125,000 to £500,000. There are some stipulations if you’re buying a second home and some other restrictions based on individual circumstances, however.
The rates are also different for homebuyers and landlords in Scotland and Wales. So, as you can see, it’s best for peace of mind that you seek the advice of a tax specialist when buying a home.
If you have any questions or concerns about how much tax you’ve paid no matter how long ago you purchased your property, reach out to David Hannah at Cornerstone for professional advice.