Employee ownership adds up for tax firm

A tax advice company has become 100% employee-owned in a sale supported by a multi-million pound commercial loan facility.

YesTax, which is based in Sheffield, offer specialist tax relief, including research and development, patent box, and capital allowances. It is also one of the only firms in the UK to offer expert guidance on video games tax relief.

Since it was founded in 2019, YesTax has advised more than 1,500 companies.

The decision to take YesTax into an Employee Ownership Trust (EOT) was supported by a seven-figure loan facility from Shawbrook – a specialist bank with extensive experience of supporting EOT transactions.

As well as rewarding its employees and supporting long-term staff retention, the YesTax model will see the company give 2.5% of its turnover to children’s charities across the world.

This unique model has seen the firm donate more than £200,000 so far.

John Moxon, managing director at TFF Tax Ltd, trading as YesTax, said: “We have always prided ourselves in being a different kind of tax company, driven by the desire to make a difference. The new structure is built around this idea, giving all employees a stake they will directly benefit from.

“We approached the Shawbrook team because of its previous experiencing in working with Employee Ownership Trusts. The bank’s involvement has allowed us to sustain our unique culture with a structure that sets us apart from all other tax advisory services in the UK.”

Nick Salmons, director, corporate lending at Shawbrook, said: “YesTax helps hundreds of businesses with its expert advice on tax incentives, supporting innovation across the UK. We’re looking forward to seeing the company continue its growth with employees at its heart.

“It’s easy to see why there’s a growing trend towards the employee-owned model. It offers huge benefits to existing shareholders and dedicated staff, supporting the unique ethos of businesses like YesTax.”