Daniel Hyde describes his client base as consisting mostly of ‘Americans whose children speak with British accents’. With Trump’s tax reforms and the non-dom reforms in the UK, that client base has been significantly buffeted in the past year.
‘The major problem with the US tax reform is that it was passed quickly, and therefore regulated badly in some areas,’ says Hyde. ‘The reforms required immediate action without the benefit of guidance and regulation.’ In particular, the US tax imposed on US owners of foreign corporations has caused ‘a lot of confusion, frustration and anxiety’.
For, Hyde, being a good tax adviser is ‘not about being the smartest person in the room’ – rather, it’s about understanding what the client needs to know. ‘You have to be a chameleon,’ he says. ‘A hedge fund manager will want different information from
a wealthy, elderly retired couple. You have to be able to adapt your style to build a relationship with your client, with technical expertise woven in.’
Hyde says the most memorable experience of his career was the case of a widow who ‘had no understanding of the family assets or the family wealth’. ‘We helped her become a confident family matriarch,’ he adds.
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