5 Things You Didn't Know About TaxAssist Accountants

TaxAssist Accountants is a UK franchise business that helps individuals and small businesses with their finances. But it doesn’t just work with tax, as its name suggests. Its areas of expertise also include bookkeeping, business plans, payroll, employment law, year end accounts, pensions and debt recovery (to name just a few). The finance franchise has focussed on building a reputation that is far removed from the traditional bookkeeping and accountancy business. Its modern street-front offices with their bold blue and yellow colouring invite clients in and assure them that their finances will be handled with maximum competency and efficiency.

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  Established in 1995, TaxAssist Accountants has a wealth of experience behind it. Today, you can find more than 200 franchised regions in the UK that are home to the TaxAssist Accountants brand. This is a great franchise to get involved in, so let’s take a look at five things you may not have known about the business:

1. It concentrates on small businesses.

TaxAssist Accountants knows the benefits of working with small organisations. In the finance sector, small businesses, subcontractors and the self-employed are traditionally neglected, opening up a specific market for this business. This is why TaxAssist Accountants only works with individuals or businesses that see a turnover of less than £2 million. As a result, common clients are self-employed workers, sole traders, partnerships and small limited companies.

This focus on local and independent businesses reflects the franchise’s cooperative ethos. A TaxAssist Accountants franchisee is not just sat in an office giving instructions, they fully get involved in a wide range of different tasks, such as developing the business, managing profitability, arranging marketing campaigns, providing customer service and networking. The varied nature of the role helps to ensure that franchisees never get bored or feel disconnected from their business and employees.

TaxAssist Franchise

2. It has an extensive support network.

TaxAssist Accountants will ensure that all franchisees that make the cut have the necessary skills to advise their customers with confidence and accuracy. It does this by running a six-week training programme at the business’ Support Centre in Norwich that all new recruits are required to attend, regardless of their previous experience. This is followed by one week of study to be completed at home. Before the training programme, applicants will take an online aptitude test to establish their level of expertise, which the franchisor will use to allocate short, two-day ‘introduction to bookkeeping’ courses prior to the training programme for those that need it.

When you’re ready to get going with your franchise unit, the franchisor will help you with finding and preparing your store, from site selection, lease negotiation and acquiring planning permission to carrying out refurbishment, recruiting staff and organising your launch day. You can work your way through the process of opening your store safe in the knowledge that it is in an advantageous location, as each and every one must be approved during a site visit by the business’ development team.

When you’re up and running, you’ll benefit from a comprehensive support website, proven, local lead generation services and an established exit strategy, should you change your mind further down the line.

3. There is good potential for high profitability.

The support continues with funding. TaxAssist Accountants holds a ‘Category A’ status with NatWest, HSBC and Lloyds Banking Group, all of which have specialist franchise departments and are usually willing to lend 70 percent of the final investment cost. In order to access this funding, you’ll need to create a solid business plan, but TaxAssist Accountants works with you here too, and its capability is clear to see; every single franchisee who has had their business plan signed off by TaxAssist Accountants has gone on to secure the funding they needed.

The franchise is so confident that franchises will be profitable that they state that it is possible for franchisees to reach a revenue of £300,000 from over 400 clients after just five years. In any case, franchisees should aim to use a third of the unit’s income to cover staff salaries, a third to run the business and keep a third as your profit.

TaxAssist Resales

4. You can buy an existing franchise unit.

Rather than starting up a new TaxAssist Accountants franchise from scratch, you could choose to take over an existing business that is being sold on by its owner. There are numerous benefits to doing this: it will essentially be a turnkey business, with management systems, an experienced workforce and a customer pool already in place. Therefore, you can start earning a good income from day one without the worry of large business loans and their repayment.

5. You can attend a Discovery Day.

If you’re interested in joining TaxAssist Accountants, you can explore the business’ Support Centre and meet its Executive Director(s) during a Discovery Day. Here, you’ll be able to ask any burning questions you have about the opportunity in a private meeting with one of the team members. Discovery Days run from 9:30am until 5:00pm and cover areas such as the franchise’s history, creating a business plan, funding, franchise fees, training, support and marketing. And you don’t have to venture in alone, the franchise invites you to bring a business partner or family member along too.

The Discovery Day should be a chance for you to assess your suitability to become a TaxAssist Accountants franchisee and decide whether the opportunity will be fulfilling for you. The franchise insists that there is no hard sell involved in the Discovery Day, so you’ll be able to make a decision without any pressure or exaggerated financial forecasts. Head to the TaxAssist Accountants website to find out more and fill in the online application form to sign up for a Discovery Day.