haysmacintyre has a media, entertainment and arts unit that advises a significant number of private and not for profit organisations and individuals. Clients include media and advertising, publishing, film and television production and music and fashion organisations and individuals. We have a growing number of managing agents and several opera, theatre and orchestra clients. The firm also has a dedicated sports unit and, in addition to advising a number of sports National Governing Bodies, we also advise sportspeople in horse racing, golf, rugby and football.
Our artist, sports and celebrity clients have very particular needs. They are usually extremely busy people with tough schedules and travel itineraries and have to delegate much of their personal financial management to their personal assistants or agents. Our advisers are used to working with agents and assistants to ensure that the celebrities’ financial needs are met with the minimum of fuss.
Many of our celebrity clients admit that they have little interest in the day-to-day running of their financial affairs and expect their advisers to take care of them with as little involvement from them as possible. Others require a lot of contact and support from us as they wish to tackle complex matters themselves. Yet all our clients in this area expect us to be responsive and available at short notice (and often unsocial hours) to address a wide range of financial and management issues.
As well as the usual matters such as VAT returns and annual income tax returns (which we can manage cost effectively), such clients also face particular challenges where our advisers can help. For example, management and planning is needed to deal with variable incomes – huge infrequent amounts and little in between. Another issue is the relatively short time that these high earning careers last and the impact this has on pensions – a particular challenge for sports people.
Increasingly, the income generated from image rights (and merchandising) – another issue for sportspeople - needs to be managed as a separate asset and often close work is required with legal advisers to create the appropriate offshore structures.
Often there will be a variety of international issues that impact upon income generated overseas and their domicile. The special rules for foreign income and for transferring funds between countries needs careful navigation and our advisers – in conjunction with our colleagues within the MSI network – are used to structuring and advising in this area.