Congratulations on being nominated for the Spear’s 2024 Awards. What does it mean to have been nominated?
It’s a highlight of my professional career to have received a nomination as Private Client Accountant of the Year – especially because it’s come from such a prestigious publication. Spear’s is undoubtedly the most highly respected wealth management and luxury lifestyle magazine available, and it’s synonymous with the highest editorial standards.
What do you think distinguishes the approach you take to your work?
We work with eminent families and family offices in the UK, Europe and the Middle East, whose principals and chief executives often demand direct access to vastly experienced professionals in real-time. We’re distinguished from other firms by our ability and readiness to provide that level of service, which is particularly critical when transactions are being contemplated. We have many years of Big 4 experience at the most senior levels, with the accessibility offered by a boutique firm.
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Unlike traditional accounting and law firms, we reject the old-fashioned pricing model of charging by the hour. We believe that charging that way just incentivises taking additional time and making things more complex, and that’s the antithesis of our client’s best interests. Instead, we operate on a fixed-fee basis, where the scope of our work, time frame and fixed fee are agreed in advance. This aligns our commercial interests with those of our clients from the outset. We consistently receive very positive feedback for this fresh approach to pricing.
What makes you most proud of your career?
The suite of clients with whom we work. Since establishing August Private LLP as a boutique tax advisory firm in Mayfair, we’ve attracted interest from some of the most eminent and successful families in the world. And because our thoughtful, creative and tenacious approach to problem solving is so well received in the private client marketplace, we receive referrals from existing clients.
Of course, I was also proud to be a partner at Deloitte and Grant Thornton for many years, which are both outstanding firms.
What forces and trends do you think are shaping your industry right now, and how do you think it will change in the future?
Anti-wealth sentiment, which has dominated the narrative surrounding taxation policy in the UK for many years, presents a challenge for both clients and practitioners. Rather than embracing those who place their own capital at risk to build businesses and create jobs, the UK seems to be shunning them. The changes to the so-called “non-dom” rules are recent evidence of this, although there are many other examples.
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Wealthy families are often among the most mobile and best-advised, and many have chosen to relocate to more accommodating tax jurisdictions such as Italy, Monaco, Switzerland and the United Arab Emirates. Their gain is the UK’s loss, and the culmination of these changes to taxation policy may be overall negative for the Exchequer. And of course, the knowledge and experience that has left the UK’s business and entrepreneurial ecosystem will be felt for many years to come.
What do you think draws HNW clients to you/your firm?
I can sum it up like this: our clients are able to access private client tax professionals of the highest calibre who are not constrained by the formality and high cost base of larger firms. We’re approachable and available to our clients at all times, and our fixed-fee pricing model means that our clients are always in control of costs.
What’s the best piece of advice you’ve been given?
“The only constant is change.” It’s a paradox that still rings true and reflects the ever-evolving nature of revenue law. It became clear to me very early in my professional career that continuous learning was central to the success of any tax advisor. Tax professionals who fail to keep abreast of the current tax environment inevitably fall behind, and that can result in suboptimal advice for clients. We nurture an environment of continuous learning, and we’re often asked to make public presentations on new developments in the revenue law. We also have excellent relationships with various tax counsel in London.
What would you hope to achieve in the future – for yourself or your firm?
We have ambitions to expand our practice into financial centres beyond London, such as Zurich, an existing hub for family wealth, and Dubai, a rapidly emerging centre for family offices. But wherever we’re working, we’ll continue to provide exceptional client service, developing bespoke tax solutions for international families.
