TaxAssist Accountants

The Franchise Opportunity

• TaxAssist Accountants are the largest network of accountants specifically servicing the small business market
• We focus on a niche market that is largely untapped by the more traditional accountancy practices who tend to go for the larger business with higher fees, but more complicated work
• Figures from the Department for Business, Enterprise and Regulatory Reform reveal "There were an estimated 4.5 million business enterprises in the UK at the start of 2006, an increase of 125,000 (2.9 per cent) on the start of 2005...Almost all of these enterprises (99.3 per cent) were small (0-49 employees)."
• We operate a tried and tested model that can give you business success
• You will have a valuable asset to sell upon your exit
• We provide full support and back up from a professional and experienced team to help you be technically competent and able to promote and grow your business
• You gain rights to an exclusive territory
• You gain the ability to trade under a national brand name
  

Why become a TaxAssist Accountant?

The business model of TaxAssist Accountants is fundamentally simple - to take on hundreds of small business clients - with relatively simple work, whilst being based in modern, friendly shop front premises. Many of our franchisees were fed up with the daily commute, bored, had been made redundant or were frustrated with working hard to make others rich. They realised that taking on a franchise, which offers a service that has been and always will be in demand, could be the answer. They saw the business model made financial sense, with the potential for taking a good salary whilst creating a real asset for their long term future. Fee banks are very saleable (there are more buyers than sellers) and with the TaxAssist Accountants brand name this could add a premium to the value of the business when you decide to sell. By adhering to the business model and taking a proactive approach to marketing in your territory, you should be attracting clients at a considerable rate. Client acquisition will be facilitated by your shop front presence, and your marketing and networking activity will significantly help the build-up of your fee-bank.

What can be achieved?

Let’s consider what can be achieved in reality. The top 20% of franchisees who opened in the last 3 years, have at the end of their first year an average of 131 clients and almost £80,000 of fees. We do not pretend that this is easily achieved – it required real effort and enthusiastic following of our business model – but that level of success is being achieved and, of course, bettered. After five years, depending on your own ambitions, it should be possible to aim for 350+ clients with a turnover of 250k upwards. Full business planning support is provided to help you gain an understanding of what could be achievable for you.

Are we compatible?

You will be the principal of the business and can employ accountants leaving you to concentrate on growing your business. Franchisees do not need any formal accountancy qualifications as full training is given, but we do look for key abilities and attributes. High levels of commercial acumen and finance and business awareness are essential as we look for franchisees who are determined to build a sizeable business

Training and Support

TaxAssist Accountants Training

BPP Professional Education, the UK's leading providers of accountancy and taxation tuition, provide our accountancy and taxation training. Training is carried out at our Support Centre in Norwich, and at BPP's training centre in London by qualified personnel in an informal atmosphere. The courses are residential and TaxAssist Accountants pays for all meals, accommodation etc.

The 5 week Training Programme consists of:

• The first and second weeks consist of a residential course at BPP's Training Centre in London, and cover all aspects of accounts production and taxation for sole traders and partnerships.
• The third week is a residential course based at our Support Centre in Norwich and covers software training on Taxation and Practice Management.
• For the fourth week you will be working from home. You will be given relevant case studies to work through which will need to be sent to BPP and business plans also need to be submitted to TaxAssist Accountants during this period.
• In the last week you will return to the Support Centre in Norwich for Sales, Marketing and Recruitment training.
  

 

TaxAssist Accountants Support

Full training, support and guidance are given to operate your business under the TaxAssist Accountants brand name.

• You will receive an exclusive marketing territory
• Accountancy and Tax training by the UK’s leading provider – BPP Professional Education
• Nurture programme which lasts for 6 months after the initial course focusing on business development, HR, staff recruitment and client acquisition
• Fully integrated software suite from CCH
• Complete ongoing training programme (technical, marketing, software, administration)
• Comprehensive operations manuals
• Continuous guidance and support
• Technical advice helpline including access to our technical support website, support material and visits from our technical experts
• Access to specialist advice/in-field back-up
• Regular contact with our Franchisee Liaison Manager to monitor and discuss progress
• Technical updates
• Inbound and outbound lead generation service including 25 free leads
• We work closely with you, particularly in the early period of your operation, to ensure everything is going well and clients are being obtained.
• National Yellow Pages advertising and internet optimisation creating inbound leads
• Initial stationery and marketing materials including your own personalised website
• Marketing, publicity and brand building
• Regular regional training and development for franchisees and their staff
• A support site with adverts, guidance, stationery etc
• First year’s membership of a networking group such as BNI or BRE
• Telephone answering service for first year
• Plus much more with our full ongoing support programme
  

 

Financial Information – The franchise packages

We offer two entry levels to the franchise. The first entry package costs £29,450 + VAT and allows you to work from a commercial office and then move to a shop front by the end of your third year. Alternatively you can also open up a shop front from day one. The franchise fee includes an exclusive territory, licence fee, a fully configured laptop and IT software, training fees, our Nurture Programme that helps you to maximise your activities and kick-start your business, operations manuals, promotional material and stationery, an accountancy and tax helpline and national marketing amongst many other things. We also provide 25 free client leads from our lead generation providers and look to arrange membership of a networking organisation wherever possible, simply to help you raise awareness of your business in the area.

The second package which includes all of the above benefits, takes you straight to a shop-based practice, and is for those franchisees who wish to leave the set up to us. With this package the franchisor provides extra support in terms of sourcing suitable premises, the refurbishment of the site to the franchisor’s required specification, the attraction and recruitment of suitable staff, employment legislation guidance and 12 months’ branded car lease. You would benefit from all of the features listed above, and the franchise fee would still be £29,450 + VAT with the additional features invoiced as necessary.

 

About Us

TaxAssist Accountants (formerly TaxAssist Direct) was founded in 1995. The company has been set up to provide a national network of trained, experienced personnel, offering a professional and personal service in accountancy, taxation and business services to small businesses.

The company's founder, John Westgarth, is an experienced and innovative chartered accountant. It was whilst working in practice in 1995 that he saw an opening in the market place, when he figured out that small businesses would need help with their accounts in the wake of self-assessment. He anticipated that the demand for such a service would be ideal for a franchise network, and TaxAssist Accountants was formed.
Self Assessment has revolutionised the way in which small businesses and the self-employed are required to report results and calculate tax liability. To meet this demand, there is an ever-increasing need for a good, local, personal service. Many small businesses find they don't get the service they deserve from their present accountant and resent the large fees they have to pay. Therefore they are often willing to change to an accountant that specialises in offering a complete range of services specifically for small businesses.
Our target market is the sole trader, partnership or small limited company.

Clients range from pubs, garages, hairdressers etc. through to pilots and professional musicians. "Generally, clients' businesses have grown because they are good at what they do, not because they enjoy the inevitable paperwork. Taking away that burden leaves them free to concentrate on their skill area to everyone’s mutual benefit" says Chief Executive Karl Sandall.

John has made use of his experience and knowledge of how to build up a successful accountancy practice specialising in looking after small businesses, having himself built up a client base of 500 with a turnover of £300k, to develop the TaxAssist Accountants business model and support infrastructure. In the early days the franchise was developed alongside John's accountancy practice, but as the franchise expanded John sold his practice in order to dedicate his full time to TaxAssist Accountants.
Today John's role is as a Non Executive Chairman, but he is still heavily involved in board level decisions and supporting the other Directors of the Company.

Now, the support centre offers a complete range of professional, experienced and qualified personnel to fully support your business endeavours, The team is headed by three executive directors.

 

Success to Date

Our first franchisee joined our first training course in July 1996. Since then, our network has grown in size and performance, to approaching 200 franchises across the UK. We continue to recruit successfully, and we are seeking to grow to a full network of 400.

We launched our flagship shop front office in 2002 and we now have over 60 shop fronts spread throughout the country.

When you join TaxAssist Accountants, you will be making a commitment to operate your franchise from shop front premises within 36 months of joining. Our Franchisee Development Managers will be able to assist you when considering location, and they can help you locate suitable premises within your territory.

What do we mean by a ‘shop front’? When we created the first shop front in Norwich our main intentions were to create a modern, welcoming, branded office with the aim of departing from the look and characteristics of traditional accountancy practices. Our shop fronts help with increased visibility and credibility with banks and other financial institutions and because of their accessibility are easy for potential clients to just walk in.

We operate in a lucrative market and provide a service, which is, and always will be, in demand where the rewards can be substantial.