Hi, David, how long have you been a tax adviser?
I’ve been practicing as a chartered tax advisor since I qualified in 1988. I’m also a qualified chartered accountant.
When and why did you start to specialise in SDLT?
I started in SDLT in 2003 when it was first introduced, I founded, Cornerstone Tax in 2006 because I wanted to build a firm that could advise as a specialist on SDLT and other areas of property related taxes. SDLT has undergone more changes since its inception than any other tax. The complexities of its nuances and exceptions make it particularly interesting.
What are the most common mistakes you see in your area of tax?
In the case of SDLT, the most common error made by property purchasers is that they assume their solicitors or conveyancers are actually “advising” on their SDLT payment calculations, which they’re not, and don’t consider using a dedicated tax expert.
What is your top tax tip for general practitioner accountants?
Not to assume that all properties fall under residential or commercial classifications or that the solicitor will be dealing with it – there’s a common feeling among accountants that SDLT is a lawyers tax.
What has been the most rewarding thing you have done from a tax perspective?
One of our clients bought their first home this year and initially overpaid their SDLT bill by £9,000 due to their solicitor giving them the wrong advice, albeit unintentionally. Helping first time buyers reclaim tax that they have overpaid, at a stage in their lives when they have usually stretched themselves to their financial limit, is hugely rewarding.
How would you improve the way HMRC operates?
I’d like to see HMRC become more open with the private sector and invite increased dialogue and collaboration. The adversarial nature of HMRC’s relationship with private tax advisors creates a no-man’s land between the two sides that slows any resolution to the problems facing the UK tax system.
Many thanks David
David can be contacted via his profile page here >>>