stamp duty

jewel22_2

anyone understand anything about stamp duty?
got a letter today from hm revenue & customs saying we owe £200 penalty plus £508 in interest!! really upset me as my sol dealt with this and i dont seem to understand why we have this penalty? the correct amount has been sent and it was ontime.,the only error could be sol filling in the form wrong? what do we do as obviouly gonna find it hard to get money together. emailed sol but thats all i can do as HM customs & Revenue help lines closed till monday.
Cheers

cattie

Why don't you phone the solicitor and ask them about this. On your completion statement it should detail any stamp duty the solicitor paid on your behalf, so as long as this is detailed it should be the solictors job to help sort this out.

With something so important I wouldn't trust an email to bring me a much needed response.

jewel22_2

thank you cattie, sol not in today as its saturday ,so i emailed her to get her attention monday morning, we have paid the correct stamp duty as shown on our completion statement. My idea it maybe the sol put the wrong year date on the form 06 instead of 07, as then that would cause a £200 panalty plus the added interest, as we are according to them a year late?
will do all the necessary chasing monday but will have a not so nice weekend waiting...
thank you

cattie

Are you certain there is nobody in solicitors office today? Only last solictitor I used had skeleton staff working on Saturday mornings.

Bossyboots

Be aware that Monday mornings usually bring a high level of e-mails. I would follow up with a call first thing and not just leave it to them to spot your -email among the masses.

jewel22_2

Bossyboots wrote: »

Be aware that Monday mornings usually bring a high level of e-mails. I would follow up with a call first thing and not just leave it to them to spot your -email among the masses.

I will phone Inland Revenue 1st to get the reason as to the penalty and then be on the phone to my solicitor, as i am aware all is correct, they recieved the money for stamp duty within 30 days of completion and it was the correct amount 3% of £625000 i, just dont understand it, got to be human error, we even got our title deeds today.
thank you

lotto-dreamer

My advice is telephone your solicitor on Monday morning. Don't panic.

Your solicitor should have a copy of the form they submitted on their file. The most likely scenario is that there was an error/typo on the form. Alternatively, they may not have sent the form on time - their mistake not yours if you paid stamp duty on or before completion.

Do not panic. It is up to your solicitor to sort it out first - it might just be a simple administrative error.

A copy of the letter you have received from the Inland Revenue will have been sent to the Solicitor as well (usually the case). I'd certainly let the solicitor deal with it first. Try not to worry, it will be solicitors who will be worried if they submitted form late or incorrectly!

jewel22_2

thank you lotto-dreamer, not much i can do till monday feel a little calmer now, it has to be an error !does that mean the sol will pay the penalty or do we?

Melissa177

If an error has been made on the form by your solicitor, the IR should accept that (with proof perhaps - as furnished by your sol), and no penalty should be payable.

lotto-dreamer

thank you lotto-dreamer, not much i can do till monday feel a little calmer now, it has to be an error !does that mean the sol will pay the penalty or do we?

Unlikely there will be any penalty to pay at all - from what you've said, it is most likely that the date was probably incorrectly put on form as 2006 instead of 2007! Solicitors should sort it out with IR for you.

Relax and have a good weekend. I really doubt it's anything to worry about.

pk2007_2

jewel22 wrote: »

I will phone Inland Revenue 1st to get the reason as to the penalty and then be on the phone to my solicitor, as i am aware all is correct, they recieved the money for stamp duty within 30 days of completion and it was the correct amount 3% of £625000 i, just dont understand it, got to be human error, we even got our title deeds today.
thank you

hi i thought the stamp duty was 4% above £500,000. is that figure correct at 3%?