TaxAssist Accountants

About TaxAssist Accountants

TaxAssist Accountants is a growing firm of shop-based franchises that deal with the accountancy needs of small businesses, sole traders, partnerships and limited companies, and self-employed individuals with a turnover of up to £2m. Its wide range of advisory services includes key services like accounts production, tax returns, payroll, VAT, bookkeeping and company formation, putting the company at the forefront of the digital revolution in this industry.

The company was set up based on the simple notion of bringing a range of services to small businesses, sole traders and the general business community. TaxAssist looks for people who are capable of setting themselves up in business but see the value in the accounting firm brand, training, support and systems that investing in a franchise with TaxAssist Accountants brings.

Most franchisees have a recognised accountancy qualification and have a mix of industry and practice backgrounds. You do not necessarily need to have worked in practice recently and you don’t have to be an accountant to join TaxAssist. However, franchisees who are not qualified accountants will come from senior management positions within the banking or financial services sectors and will need to show existing financial acumen.

In 2021, TaxAssist won the Best Franchise Business to Business at the Best Franchise Awards. The 250th TaxAssist Accountants shop opened in 2020, the same year it won ‘Business of the Year’ at the Norfolk Business Awards and a Best Franchise Award for ‘Best Franchisee Marketing’. The accountancy firm has been awarded 5-Star Franchisee Satisfaction for nine consecutive years from WorkBuzz, an independent franchise consultancy and sits at 22nd place in the Accountancy Age Top 50 rankings and 21st place in Accountancy Daily’s Top 75 Firms survey.

Today the TaxAssist group network of accountants, which consists of more than 240 franchise territories in the accountants’ network, operates from over 410 shops and offices, providing accountancy services to 78,000 clients. This award-winning franchise and accountants network has become a well-known brand in the franchise industry and enjoys continued growth.

Who is behind the TaxAssist Accountants franchise?

The accountancy franchise was founded in 1995 by a chartered accountant who realised that small business owners were often under-serviced and overcharged to file their tax returns and for their other accountancy needs and he realised that the demand for this kind of service would make an ideal franchise.

TaxAssist franchisees own almost 60 per cent of The TaxAssist Direct Group Ltd. Over 170 franchisees are now investors in the company, alongside over 40 members of support staff.

This is not the first time that franchisees have had the opportunity to purchase shares in The TaxAssist Direct Group. In 2014 when the founder and chairman retired, around half of the network was offered the opportunity to invest in a Franchisee Assisted Management Buyout – the first of its kind in the franchise industry – which saw franchisees owning 32 per cent of the group. Since then, following the creation of an internal share site to which all eligible shareholders have access, they have been able to trade shares, access company accounts and the group strategic plans for the future.

What changes are driving the need for accountancy firms?

TaxAssist Accountants states that it is the UK’s largest network of independent business specialist accountants in a sector that is undergoing fundamental changes thanks to technology, digitalisation, regulation and client expectations. While small companies struggle with the pace of change, this creates opportunities for those who are prepared to develop innovative, technology-led services.

TaxAssist Accountants researches, evaluates and recommends the best software for its successful franchise network and its clients, at the same time supporting franchisees with training and support in the latest technology, including cloud-based accounting software, which is revolutionising the way accountants interact with their clients.

TaxAssist Accountants franchisees will benefit from the development of the right services to support small businesses through these changes. TaxAssist utilises TaxCalc, Practice Ignition, Dext and has partnered with Intuit QuickBooks and Xero to help make the management of accounts easy.

How does the TaxAssist Accountants franchise model work?

The TaxAssist Accountants franchise business model is a straightforward one to offer accounting, tax and advice to hundreds of small business clients with relatively uncomplicated accounts needs, while based in a visible, accessible and welcome shop front premises in a defined franchise territory. Traditionally, small businesses, subcontractors and the self-employed have been neglected by accountancy firms. With TaxAssist Accountants’ training and support, approaching these businesses will help build franchisees a first-class client base that they can make a real impact in their lives and livelihoods.

TaxAssist Accountants franchisees who invest in future-proof TaxAssist franchise opportunities will benefit from spending their time growing a sizeable, scalable and profitable accountancy franchise, taking a proactive approach to develop client relationships and the accountants’ practice, attracting new clients through marketing and leading a team of staff rather than performing accountancy duties. They are also granted an exclusive territory in which to trade.

Members of the TaxAssist Accountants franchise network in the UK and Republic of Ireland operate from shopfront locations — modern, branded, welcoming offices that look unlike any other accountancy practice. The TaxAssist group now has over 410 shops, offices and virtual offices around the UK which allows for walk-in business, but also benefits the franchise through its visibility within the business community, credibility and brand reinforcement.

How much does a TaxAssist Accountants franchise cost?

If you want to invest in TaxAssist franchise opportunities, the franchise fee is £39,950 and franchisees would require a working capital that depends on the size and location of the premises but is typically £100,000 to £120,000.

Franchise resales are also available. The investment figures for these opportunities are available on request.

Is it possible to get funding for a TaxAssist Accountants franchise?

The accountancy firm states that it has an excellent relationship with NatWest/RBS, HSBC and Lloyds, and these banks will all typically lend up to 70 per cent of the total investment required, subject to the presentation of a suitable business plan and cash flow projections.

What training does TaxAssist Accountants offer its business owners?

Even if you are coming from an accounting background or a financial background and have experience in practice, much of the initial training to take on a TaxAssist Accountant franchise is tailored to small businesses and maybe new to you.

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TaxAssist Accountants has outlets available across the UK

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TaxAssist Accountants runs four courses a year at its training academy in Norwich, Norfolk. Once a franchisee has done his due diligence, business plans, completed the business planning process and looked into raising finance, they will want to sign up for one of these courses at the earliest possible moment. The course at the company’s training academy runs for seven weeks, including a home study week. All new franchisees are required to take an online aptitude test before joining the comprehensive training course and you may wish to attend the two-day bookkeeping course that TaxAssist Accountants offers ahead of the main course.

A TaxAssist Accountants franchisee will be given training in tax, accountancy and software, and will begin a Business Acceleration Programme in marketing, which takes up five days of the main course, but continues after the course for a further six months. During this time, TaxAssist Accountants works with the franchisee to help decide the right business development activities for their territory, keeping a close eye on conversion rates and any other problems that might arise.

The seven-week course is followed by further ongoing training during the first year of the franchise, which takes in a range of practical skills, from key elements such as business development to staff recruitment and management.

There is a bi-annual, cost-free Technical Update Day to keep franchisees up to speed with budget, tax and accountancy updates. Further courses are provided at Norwich and regionally to keep the network aware of technical and marketing developments.

Entering into a franchise agreement for an exclusive postcode territory requires a deposit of 10 per cent of the franchise fee. This is credited against the full cost should you be accepted into the franchise network.

Does TaxAssist Accountants offer franchisees post-training support?

Franchisees are provided with TaxAssist support comprising update days, operations manuals, and have access to the TaxAssist Accountants support website where they will find online tutorials, advice, marketing and technical training materials, templates and practice management tools.

To ensure that franchisees continue to meet professional standards, they must undertake 21 hours of continual professional development (CPD) per year. Online learning aids and courses, regional meetings, training days, face-to-face meetings with directors and franchisee development managers and visits from the technical support team will make sure franchisees meet CPD requirements.

TaxAssist Accountants have their own national lead generation service which works in tandem with a franchisee’s local website, Google Ads campaigns and adverts placed in local media. They have significantly boosted their national marketing activities, including paid Facebook advertising and advertising on television for the first time in 2018.

The TaxAssist Group provides franchisees with a business toolkit that contains everything they will need to market their accountants’ practice. Most of the stationery a franchisee will need for the early months of their operation is supplied as part of the franchise fee. TaxAssist Accountants pens, mugs and mouse-mats are also supplied, as are marketing brochures.

Franchisees receive all the technical support they need from a help desk staffed by qualified accountants and support staff from the TaxAssist Accountants support centre. The TaxAssist group supplies franchisees with a tailored IT package and a suite of software products for which they will receive full training and support, training manuals and workbooks.

Lloyd Evans has nothing but praise for the TaxAssist Accountants support centre team for the assistance they gave him during the pandemic.

“I have sent regular thanks to the Norwich-based team,” he says. “They have been absolutely fantastic during this very testing time and it’s at just these times you realise and appreciate the strength of the bond within the TaxAssist family.”

What are the expected profits and rewards which can be made by running a TaxAssist Accountants franchise?

TaxAssist Accountants claims that, after five years, it is possible to have over 400 clients and a turnover of more than £300,000. Some franchisees are happy to maintain this at a comfortable level, while others have been able to build on their businesses until they are turning over £500,000 plus.

Although approximations, roughly one-third of turnover covers the cost of staff, another third covers costs associated with running the business and a third is profit.

Are there any TaxAssist Accountants UK franchises for sale?

TaxAssist Accountants believes that as they build their business, their franchisees are building an asset for the future that will have strong business resale value. Many franchisees prefer to enter a business with an already established client base and there are often more buyers than sellers for the TaxAssist Accountants brand, achieving multiples of up to 1.4 times annual billing when a franchise comes up for sale.

How are TaxAssist Accountants shop locations selected?

Each location for a TaxAssist franchise shop is carefully researched by the business development team to ensure that it is sited in the right location and will have the desired impact.

Once the shop is formally approved, the support team will help the franchise business partner through every stage of the store’s opening. This will include help with negotiating the lease and planning permission required for the refurbishment. The team will also advise on staffing levels and help you plan your launch event.

What skills and experience is TaxAssist Accountants looking for in franchisees?

TaxAssist Accountants franchisees often have experience in the accountancy business, commercial acumen and bring with them a recognised qualification (ACA, ACCA, CTA, AAT, ATT or CIMA). They need not have practised recently, nor do you need to have been an accountant to qualify, but franchisees are expected to be capable of setting themselves up in business, as well as seeing the value in the brand, training and support that investing in the franchise brings.

What is TaxAssist Accountants’ terms of agreement and renewal?

The term of a TaxAssist Accountants franchise is five years, which is renewable for a further term of five years, subject to a £750 administration fee. TaxAssist Accountants also offers a 10-year franchise agreement at its discretion.

How can I get started on setting up my own accounting business?

Want to be your own boss and escape the corporate rat race? If you have any questions about how to set up and run an accountancy practice, speaking to a TaxAssist Accountants franchise recruitment manager may be the answer. To find out more, or to request further information on franchising with this management franchise, click on the ‘Request free information’ button now.