Tax advisor to the stars flies flag for region

Jul 27 2009 by Peter McCusker, The Journal

From his plush office in Gateshead, Brad Thomas looks after the financial affairs of some of the world’s leading investment bankers, sports stars and celebrities. Peter McCusker finds out how he found success.

Thomas says there is no catch, with a number of Exchequer-blessed schemes available for tax mitigation, and his is ensuring he stays ahead of the game through diligent research. His frequent trips to London bring him into contact with top tax advisors.

He is regularly invited to speak at seminars on various tax planning structures, and his commentaries have featured in the national and regional press.

Thomas’ work with footballers involves advising on tax efficient structuring in contract negotiations, offshore tax structuring and image rights on behalf of clients.

For entrepreneurs, tax relief is available under the Enterprise Investment Scheme, Venture Capital Trusts and Corporate Venturing Scheme.

He regularly speaks to the large private international investment banks and advises them when they are advising clients on taxation matters.

To cope with the volume of work there are now five members of Thomas’ team at RHK.

As a tax planner he is acutely sensitive to changes to the tax regime and believes the raising of the upper rate of tax to 50% is a retrograde move.

“The people I speak to do not like it. People were on the whole quite happy to pay the previous rate, but many high earners say it has gone too far and the attitude is now how can I mitigate against this.”

As well as the tax work, Thomas’s brief at RHK involves business development and corporate finance. Thomas’ tax skills dovetail into the work done by his colleagues when commercial deals are being undertaken, with Thomas providing advice to business owners and private individuals on complex tax issues.

His investment bank contacts have seen Thomas advise leading stockbrokers, private equity and hedge fund managers.

And he believes these contacts could eventually bear fruit in the North East’s economy with some of his rich clients actively looking at opportunities to invest in the region.

Thomas also believes the North East has now developed a critical mass of entrepreneurial and professional support services.

“The North East is doing quite well in the current economic climate and we should never underestimate what we have got up here.

“A lot of our professional services firms are punching way above their weight.

“The good thing about the North East community is that we work well together. It’s more a case of sharing our knowledge than trying to steal each others’ business.”

Thomas relaxes with the occasional game of golf, he used to play off 11, but with his golf being more corporate these days, this has slipped.

His weekend job involves being “dad’s taxi” to children Peri, aged nine, and his young boy Kyle, 12, who’s turning into a decent footballer, says Thomas.

One thing’s for sure, if Kyle does make the grade he won’t have any trouble finding someone to look after his financial affairs.

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