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Q) What is the update?
A) two new 'report tabs' within each SDLT/LTT form, at the right hand side of the data entry tabs
Introducing Passive and Active Audit trail at a form level, to help you meet the Law Society CQS requirement 1.2. a,b,c via adding 2 questions Q10.1 and Q61.1 these feed the new "CQS Audit Tab".
There will be a specific audit focus on Question 10 “What is the total consideration… for the transaction notified?” and Question 14 “Total amount of tax due for this transaction” as per the Law Society CQS requirement
Q) Will this change anything that I do?
A) Yes, all forms will need to be explicit when answering Q61.1 about 'how you have been authorised to submit on behalf of the client'. Validation will insist you answer the question.
A) Yes, if Active audit is turned on, (by default is off) then validation will prevent eSubmission until a '3rd party review'/ double check of Q10 & Q14 (for LTT that is Q88 and Q89) has been completed'.
This is simply ticking two checkboxes, acknowledging that the draft answers to the questions are double-checked and agreed or disagreed. If disagreed then the eSubmission will not progress until 'agreed'.
Form Performance
Increasingly firms are asking two questions around as opposed to part of, the post-completion process;
Q) How can we be confident or know our clients' data is safe and secure? and How do we know that we are being efficient in post-completion?
A) We are introducing a new "Performance/Status" tab so you can have all this information available at the touch of a button 24 hours a day.
Q) Will this affect me?
A) No, not unless you are the 'Compliance/Risk Manager' and then yes, as it is the answers to your questions
A) No, other than it will let you know the 'status' of the Government agency that affects your post-completion and if it is planning downtime like HMRC/ WRA/ HMLR/ Companies House or even if we are planning downtime in the near future, so you can plan your workload and submissions around such downtime.
Thank you
SDLT.co.uk Support
