Taxpayers pay stamp duty land tax when a part or all interest of a property or land was transferred to them while giving something of monetary value in exchange. The item given out in exchange is referred to as chargeable considerations. An accountant in Leatherhead can help you go over the rules and also help you work out how much stamp duty land tax you need to pay to HMRC. It’s imperative to note that the amount of stamp duty land tax you’ll pay will depend on the circumstances of a particular property transfer.
There are various circumstances that’ll warrant the payment of stamp duty land tax. Examples include; entering into a civil partnership, marrying, and moving in with your partner. You’ll pay stamp duty land tax when the chargeable consideration given in exchange for the share transfer is more than the current stamp of duty tax threshold for that property type. After paying this tax, you must tell the HMRC about the transfer by filling in the stamp duty land tax return. The equity is not included in the calculations as you pay this tax based on the chargeable consideration given. An accountant in Leatherhead may come in handy to walk you through the process of filing the tax correctly.
David Beckman & Co Ltd has the best experts to work with when you want assistance with paying stamp duty land tax. The experts have been in the industry for a long time to help taxpayers plan and prepare for their taxes. Moreover, the professionals are knowledgeable and trained; therefore, they are in a position to give trusted advice on everything taxes. They’ll advise you accordingly when the property transfer has chargeable consideration and when you give out the property as a gift. Therefore, when you need further assistance from an accountant in Leatherhead regarding stamp duty land tax, don’t fail to contact these experts at 01737 844 322. They’re just a phone call away.
