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Valtteri Bottas talks F1, his accountant and tax

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16th Oct 2015
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Formula 1 racing driver Valtteri Bottas talks to AccountingWEB about keeping cool under pressure, what he looks for in an accountant and tax.

AccountingWEB was invited to meet Bottas in the urban surroundings of the Shoreditch studios in an event organised by recruitment company Randstad.

Bottas fell in love with motorsport through go-karting when he was six. Being Finnish, Bottas grew up watching his countryman Mika Hakkinen win championships in 1997 and 1998. Even at this young age, Bottas had the determination and trust in his abilities to believe that becoming an F1 driver was possible. 

While Bottas didn’t impart any driving advice, he did provide advice about keeping cool under pressure, and how having a positive outlook will help you succeed.

Dealing with pressure

Bottas spends most of his working life under extreme pressure driving at high speed. While the working lives of many accountants may not be as immediately perilous, most will recognise the same strain as they have put the pedal to the metal to race towards the self-assessment finish line.

AccountingWEB asked Bottas about his preparation before a big race. “The best preparation to be most relaxed is to prepare everything perfectly. And I know how I should be at my best.” Bottas answered in the same calm and deliberate manner he deploys behind the F1 wheel.

Adjusting to unpredictable situations

Accountants will also know that no matter how much preparation they do, their workload will be the pits if things don’t go to plan. Last weekend Bottas was on his last lap and speeding towards the podium until he was hit from behind by Kimi Raikkonen, barging him into the barriers. When accountants feel their working day goes spinning onto the gravel track, Bottas offer suggestions on being adaptable in unpredictable situations.

“In life in general, there’s always good times and bad times. I think how you can cope from the difficult times and how you can learn from those is the key if you want to improve.

“Try to think positive. As an example, my disappointment from last week. I tried to think of positive things because there’s always something positive, and then what’s history is history; it’s gone. It’s always best to look forward,” Bottas said.

Confidence in your own abilities

When Bottas was asked about his motivation, he responded without hesitation, saying, “I want to be a world champion; that’s my goal in life”. Bottas spoke with conviction as if his world championship victory was a foregone conclusion.

For accountants, whenever there are moments of stress in your job or self-doubt in your abilities, it’s important to focus on how capable you really are.

When asked if he realises how good he is, Bottas considered the question and answered in his unflappable, precise manner, “I sometimes don’t like saying this because it comes across as being arrogant, but I wouldn’t be doing this if I didn’t believe in myself or think it was possible to be world champion.”

What he looks for in an accountant

Bottas’ focus is on driving. This is why Bottas looks for an accountant or financial advisor who only helps him when he asks for something, not swerving his attention away from driving by constantly calling him or sending emails every day or week.

The attributes Bottas tells AccountingWEB he looks for in an accountant is someone who is as professional and committed in what they do as he is in what he does. “Someone who I can trust completely that everything is in safe hands, so I think trust is important. I’m always looking for someone who is professional and who is committed, so I can leave those things to those who know better.”

Tax

As the chequered flag came down on the interview, we tried to think of an obscure tax question to ask Bottas. But Bottas replied, with a smile, “I live in Monaco, so tax is no problem for me”.   

Bottas explains his reasons for living in Monaco, “It’s zero income tax, so it’s quite simple: there are no papers to fill.”

Although Bottas was recommended to live in Monaco by his management, his Monaco residency was a natural choice since his management company is based there so it makes it simple for meetings.

While Abu Dhabi and Dubai also have the benefits of zero income tax, Bottas didn’t want to live that far away since his team is in England. As well as that, who wouldn’t want to live in Monaco? “It’s more or less guaranteed that’s it’s going to be sunny when you go there; it’s a good place to be.”

With a tax free client, Bottas’ accountant’s job must be pretty simple.

Replies (10)

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By Silver Birch Accts
16th Oct 2015 11:41

Valtteri Bottas

What VB's Accountant looks for from him is some wins or some decent placings.

Fat chance of that, stick to Go -Karting mate

Why are AW waisting space talking to this chap, why not talk to someone who actually lives in the UK and pays tax like the rest of us.

 

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Glenn Martin
By Glenn Martin
16th Oct 2015 12:35

Interesting point he makes

that he only wants his accountant to contact when he has something to discuss or he asks them for something. 

The Gurus insist that regular contact is the way to go, but not so if your a racing driver.

Perhaps Bob Harper should contact this fella and up sell him some of his value added services.

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By lechiffre
16th Oct 2015 12:43

Waste of space

Not Valtteri, he's a very good driver...

What was the point of that inane drivel of an "article" and what relevance?

Anyone who can draw a parallel between accountancy and the ability to drive an F1 car competitively is really clutching at straws! 

 

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By cyrynpen
16th Oct 2015 12:44

I think Bottas has a bright future ahead of him. Possibly the next Ferrari World Champion (after Vettel of course)

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By cheekychappy
16th Oct 2015 12:57

At 26 years old Bottas has incredible potential.

Kimi taking him out was ridiculous. It was clumsy and showed incredibly poor judgement.
Bottas was left with no points, and Kimi, after the penalty finished the race earning two points. Where is the justice in that?

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By Silver Birch Accts
16th Oct 2015 15:05

VB

Hit a nerve with the F1 geeks, F1 cars are just mobile computers driven by chaps (there are ladies as well) most of whom appear to crash most weekends, some skill there Whittle94.

It really depends on how good your mobile computer is and the people behind the scene.

You can be the best driver in the world but if your car is no good you are a no hoper.

They will have robots driving these computers soon, mark my words.

Nothing like a bit of light relief on a Friday afternoon, don't bite I am only winding the geeks up.

Vroom, Vroom for now.

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By carnmores
16th Oct 2015 15:29

Really , this is extremely crass, our lives are not on the line

'Bottas spends most of his working life under extreme pressure driving at high speed. While the working lives of many accountants may not be as immediately perilous, most will recognise the same strain as they have put the pedal to the metal to race towards the self-assessment finish line'

 

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By AndrewV12
18th Oct 2015 11:56

Comparing a F1 driver and an Accountant is a bit daft to me they are poles apart, one has to make split decisions, and have the  latest technology, and have the reflexes of a cat, the other is a F1 driver, :) BOOM BOOM Mr North.  

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By johnjenkins
19th Oct 2015 09:42

He lives in

Monaco, pays no tax. What the hell does he need an Accountant for and what the hell does he know about Accountancy.

Useless article.

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By DeanCole
20th Oct 2015 15:27

Valteri

He is a really good talent, there is no second thought about that. Driving for Williams may not be the best possible opportunity for him at the moment, but will see what would happen. The current Martini-sponsored team is having a good season, despite having to win a single competition so far. Keep up the good work Valteri. The wins will come.

Dean Cole,
Assistant PR Manager
Chesham

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