Home Supporting structure Employee shareholding for a tax consulting firm

Employee shareholding for a tax consulting firm

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A Sheffield-based tax consultancy has become employee-owned in a deal backed by multi-million pound funding from Shawbrook.

YesTax offers specialized tax breaks, including research and development, patent box, and capital cost allowances. It is also one of the only companies in the UK to offer expert advice on video game tax relief.

Since its creation in 2019, YesTax has advised more than 1,500 companies.

The move to 100% employee ownership was supported by a seven-figure loan facility from specialist lender Shawbrook.

In addition to rewarding its employees and fostering long-term staff retention, under the YesTax model, the company will donate 2.5% of its revenue to children’s charities around the world.

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

“We approached the Shawbrook team because of their previous experience working with employee share ownership trusts. The bank’s involvement has allowed us to maintain our unique culture with a structure that sets us apart from all others UK tax advisory services.”

Nick Salmons, Director of Business Loans at Shawbrook, added: “YesTax is helping hundreds of businesses with its expert advice on tax incentives, supporting innovation across the UK. We look forward to seeing the company continue to grow with its employees at its heart.

“It’s easy to see why there’s a growing trend toward the employee ownership model. It offers tremendous benefits to existing shareholders and dedicated staff, supporting the unique philosophy of companies like YesTax.”