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Partner, Head of Sports, Media & Entertainment
Company: Tilney Smith & Williamson
Location: London, England
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Average client size: £5 million - £25 million
Fixed fee offering: Yes - I spend time at the start of an engagement getting a full understanding of the nature and scope of what task(s) the client is asking of us. Then, experience kicks in and I advise of the fee applicable. Sometimes, due to complexities, this involves giving a quote using a range of fees. This is commonplace during HMRC enquiry work.
Number of offices globally: 1-5
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Advising a professional boxer on his finances and tax
The client came to see me just before Christmas 2018 and was on the cusp of making good money given his success in the ring.
Nobody had previously sat down with the boxer and his manager to work out a plan on his finances. The boxer had no idea where he was in terms of forthcoming tax liabilities, what savings he could make, or how to get a mortgage. I worked through his projected income over the next three years and came up with a detailed analysis of all likely tax payments (both personal and corporate) and where suitable investments could be made. Just recently, I introduced a property finder and mortgage broker who were engaged last week to find a suitable property for the boxer having received the brief on what the property must have (and would be desirable).
Outcome – the boxer is much more relaxed about his money situation overall. He no longer worries about unexpected tax bills arriving and can now plan his spending around the ‘net of tax’ pot we identified.
The manager of the boxer was pleased and has since introduced another fighter he looks after to start the process again.