Mr & Mrs Hemmens
Very complex tax planning – but also very easy to understand for the lay person
Nick was recommended to the Hemmens’s in 2017 after they had been approached by a property developer to buy part of their land, in Somerset.
“We already had an accountant for Terry’s haulage business but we felt this was a different ball-game and decided to pay Nick a visit, on the advice of friends”, Lynda continues.
“In a nutshell, Nick set out for us the substantial tax savings to be made by correctly setting up the structure of the deal in advance,” she explains. “This involved establishing a separate business to buy and sell the land and a joint venture with the developers. He talked us through how we could avoid over £100,000 in capital gains tax, take advantage of principal private property residence relief and entrepreneurs’ relief, and turn corporation tax of £245,000 into a tax liability of under £50,000.”
“I wouldn’t say it’s magic” Lynda concludes, “but Nick is certainly very, very knowledgeable and keen to use this knowledge to clients’ best advantage.”