CASE STUDIES

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.”

 

 

 

3a Yeo Bank Business Park

Kenn Road

Clevedon

Bristol

North Somerset

BS21 6UW

Mon - Fri: 09:00 - 17:00

01934 237 970

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.”