Opportunities ahead

TaxAssist provides a proven route for franchisees to develop their own profitable accountancy businesses

Whether you have a business or financial background or are already an accountant, TaxAssist Accountants offers a proven model to help you take control of your future.

There are opportunities available nationwide to purchase a new exclusive territory or an existing practice via a resale.

What can be achieved

After five years, depending on your ambitions, it is possible to have a 400-plus client base with a turnover of £300,000 upwards. Some franchisees are happy to maintain this level, comfortable with both the income generated and being relatively ‘light touch’ on the business, while other franchisees continue to work full-time on their practice, pushing it past the £500,000 turnover level.

The most successful franchisees have gross annual recurring fees in excess of £1 million. Full business planning support is provided to help gain an understanding of what could be achieved.

Now an international brand, TaxAssist was founded in 1995 and consistently wins awards in both the franchising and accountancy sectors. It has grown to become the largest network of small business specialist accountants in the UK, servicing more than 71,000 clients from over 300 shops and offices nationwide.

It was established by a group of dedicated professionals based on a concept that was and still is fundamentally simple: to bring first class professional services to small businesses.

The small business sector has traditionally been ignored by larger accountants and poorly serviced by smaller practices. Establishing a network that focuses solely on smaller businesses, TaxAssist is targeting a market with a real need for its services. Services offered include year-end accounts, tax returns, bookkeeping, VAT returns, payroll and cash flow projections.

TaxAssist provides a proven route for franchisees to develop their own profitable accountancy business and asset for their future by offering the systems and support needed to be successful.

Changing industry

With the accountancy industry changing, TaxAssist has ensured its franchisees are ready for the challenges and opportunities ahead. To equip the network with the tools to succeed, TaxAssist has negotiated deals with highly accredited cloud and IT service providers, deployed a unique strategy for Making Tax Digital and introduced new advisory service lines.

TaxAssist has ensured it stays ahead of the game and that franchisees continue to attract and retain clients by embracing new technology. A new and comprehensive software suite has been provided, which offers time and cost saving efficiencies for franchisees and their clients.

Training and guidance has been given to franchisees and their staff to ensure they are proficient in the new software and to ensure franchisees and senior staff can focus on and handle advisory work. In addition to this, a mobile app for clients has been developed to interact with their accountant.

Game changer

TaxAssist has been a game changer for both the accounting industry and for small businesses in the way it ‘retails’ tax and accountancy services through open and welcoming shops.

This concept has proven to be an effective way to build a business, with many franchisees opening multiple shops in their territory, and is popular with the buoyant small business target market, who enjoy the friendly, convenient, local service.

For many clients, a TaxAssist accountant will be their one and only adviser and as we enter a digital revolution, clients will rely on their accountant to guide them through the inevitable changes.

TaxAssist, with its network of highly visible shops and offices, is ideally placed to take advantage of the opportunities that change is bringing.

Good fit

Husband and wife partnership Eliott Betts and Lili Huang have not looked back since leaving Singapore to join TaxAssist in March 2017.

The couple and their two daughters made the big decision to leave their home in Singapore to be nearer family.

Eliott explains: “Lili and I were interested in building a business for ourselves in the UK and with over 40 years’ combined experience in the accounting and financial world between us, we saw TaxAssist Accountants as a good fit.

“A friend who had been a TaxAssist franchisee for a number of years told us about the opportunity and we were immediately interested - interested enough to fly all the way from Singapore for a discovery day in Norwich.

“Being able to have our own business and benefit from the brand, experience and support of a quality franchise like TaxAssist were the main drivers for us. We liked the business model of targeting small businesses and could see the potential to build a substantial practice quickly.”

Eliott and Lili opened their TaxAssist shop in Bury St Edmunds in May 2017 and celebrated the first anniversary of their shop with a party for the local business community.

Lili says: “The event gave us an excellent opportunity to thank our clients, as well as meet other local businesses and our neighbours, so they can see what TaxAssist Accountants can do for them.”

TaxAssist now has a well established presence in Bury St Edmunds and the couple are proud to have supported a number of events, including a Chinese New Year event in February, which raised funds for a number of local charities.

“We have enjoyed a very successful start and the response we have received from the local business community has been fantastic,” Eliott says.

“With demand for our services continuing to grow and with our shop being in such a great location with high visibility, we have lots to look forward to in the future.”