No taxing times ahead

Russell Charles’ decision to join TaxAssist Accountants elevated his practice to another level

Russell Charles couldn’t be happier about his decision to become a TaxAssist Accountants franchisee, having spent 17 years running his own independent practice without the success he had hoped for.

That all changed the day he joined the TaxAssist franchise and his practice flourished beyond his expectations. Russell was familiar with running a business and tax and accountancy, but says his decision to join TaxAssist in 2010 lifted his business to another level.

Double digit growth

“With the strength of the TaxAssist brand, my shops, the training and marketing, I’m now consistently aiming for double digit growth year on year,” Russell says. “I’m thrilled.”

Russell started his own practice in Cardiff with his wife Katherine in 1992 after 10 years working for HM Revenue & Customs. However, after building a good business with minimal expenses, overnight his business floundered when two large clients left as their expansion required more complex services. This left Russell with a gaping hole in his turnover, which dropped by a third.

“It was then I started to question what I had been doing for the last 17 years,” Russell recalls. “I was in a first floor office with no signage, we did no marketing or advertising, had no brand and were happy with one new client every few months. I realised I had spent all my time working in my business rather than on it and now had very little to show for it.”

Finding the perfect team

It was at this point Russell decided to search the internet for accounting franchises and was pleased to discover TaxAssist.

“I had been considering taking on a partner, but with that comes the complications of giving away part of your business and having to find someone who is a personality match,” he says.

“I realised that a much more favourable option was to take TaxAssist on as my ‘partner’ instead. In my eyes, the franchisor is the perfect team to work with. They take a minimal percentage cut and are incredibly easy to work with, while their guidance and assistance has been invaluable.”

Immediate results

Russell opened his TaxAssist shopfront premises in May 2010 and the results were immediate.

“Katherine and I are thrilled with the way the shop has managed to establish us in the local area, drawing in clients, who love the welcoming look and feel of the shop and can confidently recommend my services to others,” adds Russell, who now has six members of staff and two consultants.

Having his own team means he can take more of a back seat and let his staff handle the bulk of the workload. This is generated from three shops, after Russell bought out his neighbouring franchisee in Cardiff West and Barry in May 2016.

“The TaxAssist technical team have been a huge bonus, helping out with compliance and specialist advice, as you can never know it all,” Russell says.

“I now spend all my time working on the business rather than in it and can happily report we are operating as the TaxAssist business model recommends, with a third of my revenue going to staff, a third to overheads and a third profit. I really can’t recommend TaxAssist highly enough.”

At a glance TaxAssist Accountants

Established: 1995
Number of franchised outlets: 223 franchise areas. 365 shops and offices
Location of units: UK
Investment range: £100,000-£150,000
Minimum required capital: £40,000
Contact: franchiseenquiries@taxassist.co.uk taxassistfranchise.co.uk