Citywealth Leaders List, 60 seconds interview – Nicola Simmons, Mishcon de Reya
This week’s 60-second Citywealth Leaders List interview is dedicated to Nicola Simmons, Managing Associate in the Private Wealth and Tax team at Mishcon de Reya
Tell Citywealth readers a bit about your role.
I am a Managing Associate in the Private Wealth and Tax team at Mishcon de Reya. I originally trained as a corporate tax lawyer, before moving across to personal tax.
I advise clients on their UK tax exposure and estate planning to protect their assets, privacy and succession. Thanks to my hybrid knowledge of both personal and corporate tax, I work with a lot of entrepreneurs and entrepreneurial families and investors with business interests. Much of my work has an international and business flavour, whether asset structuring or advising on VAT and PAYE matters for internationally mobile employees. As we endeavour to provide a full service for clients, I regularly collaborate with our wonderful Immigration, Corporate, Incentives, Luxury Assets, Employment, Real Estate and Family teams, among others.
For the past seven years, I have also chaired and edited Tax Aware, a publication and seminar series for clients that proudly aims to demystify the latest tax changes and what they mean in real terms.
What does a typical day look like for you?
No two days are ever quite the same, which I love. One moment I’m meeting clients or intermediaries, the next I’m delving deep in the details of tax advice or designing asset structures to help preserve wealth for individuals and future generations. I also carve out time to write articles and speak at events, sharing insights on the ever-evolving world of tax.
Tell us about some recent, interesting client instructions/requests you have received.
It appears to be yacht season at the moment, as I have recently advised a number of clients on how to structure their acquisition of luxury vessels to keep VAT and import/export duties as efficient as possible.
With the numerous recent tax changes, and likely further tax changes to come, I have also been busy crafting bespoke asset structuring proposals, tailored to each client’s unique concerns and ambitions. It is a fascinating time in the UK tax world at the moment – lots of change, but lots of opportunities also!
What challenges do your clients face and how are you helping your clients to overcome them?
The pace of change in UK tax rules has left many clients feeling uncertain about big life decisions – whether to relocate to or from, or remain in, the UK, where to locate to, and whether to action longer-term estate planning now or later. My job is to cut through the complexity in order to arrive at real practical options for them. I aim to balance the latest tax developments with each client’s future plans, so they can make informed choices with confidence.
What is your proudest professional achievement?
Probably obtaining Chartered Tax Advisor (CTA) status. It’s not something many solicitors have, and I’m proud to bring that extra layer of technical expertise to my clients.
What do you consider to be the most important attributes for a leader?
Vision. Without a target and a plan to achieve that, I think it is impossible to effectively lead anyone in any direction.
Who do you most admire and why?
Entrepreneurs. Building something from nothing is a feat, and to put all your heart, soul and efforts into something you believe in is so impressive to me. I love watching (and to the extent I can, helping) clients take simple ideas and grow them into successful, multinational businesses – not just for themselves, but for their staff and their family’s future.
Where was the last place you travelled to for work or pleasure?
My last trip was to Milan for the IBA Conference on the Next Era of Taxation. It was great to connect with advisors from across the world (and of course enjoy some lovely food!).
If you weren’t in this industry, what else might you be doing?
I would 100% be a film critic (hopefully!). I used to be the Junior Film Critic for my county newspaper, the Kent Messenger, back in my school days —hopefully my writing has improved since then…
How do you relax after a long day?
Watching a movie with my husband or friends. I am going to London Film Festival soon, and cannot wait!
If you could recommend one person in the private wealth industry who would it be, and what would you say about them?
Filippo Noseda. He is the most charismatic person I have ever met, a brilliant lawyer and living proof that tax professionals can be anything but dull!
Nicola Simmons’ Citywealth Leaders List profile
Mishcon de Reya’s Citywealth Leaders List profile
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