What challenges will the new SDLT return and payment time frame present for conveyancers?

As we all count down to the ominous Brexit departure day, there is another deadline looming on the horizon which will present new challenges for conveyancers and their clients. From 1st March the period allowed in England and Northern Ireland for filing a Stamp Duty Land Tax Return and paying the tax reduces from 30 days to 14 days. Failure to meet the 14-day deadline may result in interest and penalties being levied on the taxpayer. This is as a result of an announcement during the Autumn statement of 2015 which stated that the proposed changes to SDLT will improve efficiency and reduce costs to both customers and HMRC.

In most cases, the SDLT return for a transaction will be prepared by conveyancers who will also arrange for payment of the tax to HMRC or WRA. The taxpayer will review the SDLT return before authorising the conveyancer to submit the return and the subsequent payment on their behalf.

Pali’s new post-completion system enables conveyancers and support staff to submit their SDLT, Welsh LTT and AP1 forms via the Pali platform, streamlining post-completions tasks and processes through one single secure sign-on, helping them to complete all the required tasks more quickly & efficiently.

Our user-friendly smart platform is seamlessly integrated with all government websites such as HMRC, WRA, Land Registry and Companies House to enable conveyancers to submit AP1 and MR01/4 forms. Auto- filled forms remove the need to continuously re-key data, reducing errors and requisitions, saving valuable time and hassle. Fully GDPR compliant at individual form level, ensuring safe efficient use of data with a permanent audit trail and easy access to information.

The soon to be reduced time frame of 14 days does not apply to Wales, however the Pali system will detect whether the property is English or Welsh. Unique to Pali, users can esubmit Welsh Land Transaction Tax returns, enabling users to manage LTT Submissions alongside the English SDLT equivalents, drastically easing administration burdens. Commercial conveyancers can easily submit MR01 and MR04 forms online to Companies House.

Pali’s latest development means clients can now manage the whole process from quote to completion achieving maximum digital efficiency, freeing up valuable time to concentrate on client service and outcomes.

For more information or to arrange a demonstration please contact us on 01925 227509 / info@paliwarrington.co.uk

Posted in Uncategorized.