I am a residential renter in London, and have been in my (expensive) flat for four years. In November I will be asked whether I want to renew the tenancy. If I do that, my cumulative rent will reach the £125k threshold and I will become liable for SDLT around August/September 2021.
Having looked at the HMRC guidance on this and done a test run on the calculator, I am left with many more questions than answers. Guidance on other websites seems to be of variable quality too.
I don't understand why I'd be charged a higher rate on a 'premium' when I thought SDLT was just 1% of the rent. Do I need to submit a form every month for the rent paid? For the sake of what could be about £20 a month, the whole process feels very onerous.
As my accountant doesn't deal with personal matters for me, I'm trying to work this out myself before resorting to paying for professional advice. Is there a really simple, plain English, guide on what to do? That's really all I want - an idiot's guide that explains it all.
Thank you :)