Did you know? The SDLT window is reducing from 30 days down to 14 days from 1st March 2019. Don’t panic! There’s still time to get your house in order.
What’s happening and when?
According to HMRC, the measure reduces the time limit that purchasers have to file a SDLT return and pay the tax due from 30 days to 14 days. The new time limit will apply to transactions with an effective date on or after 1 March 2019.
The deadline marks the success of digitisation and a faster more efficient way to submit SDLT forms
This is a positive step forward for conveyancing; reflecting the impact of new technology, digitisation and integration on streamlining the SDLT submission process – and tmgroup is proud to be at the forefront of this innovation.
As the new payment window is being introduced with a view to improve the efficiency of the SDLT system, the deadline should also encourage even more firms embrace the new technology available to them, and in doing so further standardised the high levels of efficiency many firms have already become accustomed to.
Many firms simply don’t have visibility of their SDLT returns to know whether they are meeting the deadline or not
This measure will affect approximately 20,000 businesses, including small and micro businesses who are mainly licenced conveyancers and solicitors. Whilst the impact is expected to be minimal, with the majority of returns already filed within 14 days of the transaction, many firms lack the visibility of their processes to fully understand whether they are already meeting the deadline (or not) – ahead of 1st March 2019.
This uncertainly is likely to be the cause of much of the anxiety experienced in the lead up to 1st March. However, for firms already embracing the latest technology, such as tmconvey’s integrated Post-Completion services, they already have complete visibility and peace of mind of their end-to-end processes – including time stamps and history, and status updates of exactly which SDLT forms are in draft, in process, submitted and returned.
HMRC also anticipates that “on-going costs may include amending systems and/or processes to ensure returns are filed and payments are made within the 14 day deadline”. However, SDLT submission via tmconvey’s Post-Completion service is available free of charge to all customers ordering cases.
What should I do next?
For those unsure of whether they are meeting the deadline or worried that their current processes may not be up to scratch, there is still time to explore alternative options and save time.
For more information…
• Take a look at the HMRC website guidance on the upcoming changes.
• Take a look at tmconvey’s Post-Completion services.