Our client is an entrepreneurial UK HNWI who has enjoyed a lucrative career in the public eye spanning 20+ years. Accumulating wealth early in his career, he diversified his interests and founded a portfolio of corporate entities spanning the hospitality, entertainment and charitable sectors. As his portfolio expanded, his corporate and personal affairs became increasingly complex, giving rise to great opportunity, as well as the risk of non-compliance.
The challenge
Prior to appointing HaysMac, our client’s advisors lacked proactivity, innovation and communication, and their delivery – spanning several services – was not joined-up. The relationship became disjointed, which resulted in:
- A lack of visibility of cashflow across his entire portfolio
- A risk of substantial tax bills
- Concern that his personal wealth may not be realised optimally
- The possibility that personal interests may not be protected as securely as they should
- Reputational risk
The solution
At HaysMac, we understand the complex financial needs of our private clients and their corporate and charitable interests. Our HNW clients treat HaysMac as a personal asset and trust our team to help reduce the stress that can accompany personal wealth and complex corporate structures, ensuring tax efficiency now and sound planning for the future. We work with our client’s corporate portfolio throughout the entire life cycle, so when it’s time for an event, we’re equipped with specialists with decades of experience that deliver the best possible outcome. When clients appoint HaysMac, they tend to stick around, and our long-term relationships often span several generations of the same family.
This firmly resonated with our client. Our personal approach and appetite to resonate with our clients, coupled with our deep sector knowledge in which he operates, and our national and international network were key factors in his decision to appoint HaysMac. Our relationship with our client is paramount and we frequently keep in touch with them and their other advisors. We’re always on-hand for new and recurring matters, and our proactive and pragmatic solutions are delivered promptly without compromising quality.
Upon appointment, we swiftly undertook a deep dive to understand their corporate portfolio and the current structures and solutions which had been undertaken by their previous advisors. Our team of specialists – spanning accounting, tax and private wealth – worked together to curate a joined-up solution which considered our client’s portfolio in full and curated solutions that would not only stand up to scrutiny, but it positioned our client in a strong trajectory for sustainable growth for his corporate entities and realise his personal wealth.
We studied the cashflow of his portfolio and carved out a budget which covers discretionary funds and ensured that all tax liabilities were sufficiently covered throughout the year. There were major announcements before and after the Labour government’s Autumn Statement, and we undertook proactive and preventative measures to ensure our client’s affairs were effectively structured and we future-proofed his assets.
Discretion is essential for a high-profile HNWI client. It was therefore key that we set up his affairs in a sensitive and private manner, which meant that all filings had limited information within the public domain: HaysMac became the registered address for all entities, and effective planning and structuring of his portfolio meant that only abbreviated accounts were required for his corporate entities. Discretion has continued to be key for the sustained success of our long-term relationship with our client.
Since our appointment, our client’s corporate and charitable interests have expanded overseas, and HaysMac played a pivotal role in achieving this growth. As the entities have continued to expand, we have made introductions to our international network of trusted advisors to deliver local specialist advice and established strong relationships with other overseas advisors spanning USA, Europe and UAE.
We continue to horizon scan to ensure our client is always knowledgeable of upcoming updates, and we explore viable solutions to future-proof his wealth and that of his family; we have considered the benefits of offshore trusts, and our private wealth team are always engaged to ensure that inheritance and succession planning are effectively and efficiently planned.
We have made introductions to our wider network of clients and contacts comprising like-minded entrepreneurial founders and CEOs of fast-growth business to evaluate if there are some opportunities for our client to further expand his business ventures.
The result
We have made great strides during our eight year tenure with our HNW client, and we’re building on the relationship year-on-year. Since our appointment, our client now has comfort that his personal and business portfolio are complaint and we have his best interests front of mind.
- We became the day-to-day outsourced family office for the client, covering all the accounting and compliance areas including:
- Company secretarial and registered office
- Day-to-day accounting
- Cashflow management and payments
- Monthly financial reporting including performance commentary and KPI reporting
- Annual accounts and tax compliance (corporate and personal)
- VAT, payroll and key management incentives/Benefits in Kind
- Tax efficiency and generational planning
- Strategic discussions including due diligence and structuring services
We continually invest significant time to proactively advise on regulatory and tax updates, and we consistently deliver innovative and efficient solutions to best serve his corporate portfolio and his personal wealth.
Our approach to advising our client has ensured that his businesses are operating compliantly and they’re structured in a way that harnesses ethical and sustained growth. Collaborating with other advisors spanning lawyers, bankers and investments managers enables succinct, holistic financial wealth, empowering him and his family to live a fulfilling daily life, knowing that all compliance matters are being taken care of and the financial affairs are aligned to the individual and family’s strategic goals.
Hear from our client
“I have been working with Ian and the HaysMac team for a number of years, whereby they have provided me and my corporate group a full suite of accounting and tax compliance and advisory services. Where I have found them particularly useful is their input on my diverse group structure from both a commercial and tax efficiency point of view. I would recommend Ian and HaysMac to anyone looking for proactive advisors to help work with them to develop their business venture.”
Client
HNWI in Sports, Entertainment and Media
