YesTax Becomes an Employee Owned Business
YesTax, one of the leading tax advisory firms in the UK, is proud to announce that it has transitioned to employee ownership via an Employee Ownership Trust (EOT). The decision to become employee owned was driven by the desire to sustain the company’s unique culture and to recognise the fact that the business was built upon the hard work and commitment of its employees. The EOT secures the foundations on which YesTax has been built and gives its employees a shared ownership structure that they will directly benefit from.
Since its formation in January 2019, YesTax has developed an exceptional reputation with its clients and business partners alike. The EOT ensures a solid platform to build upon that success for the future.
By widening the ownership of the business to its employees, YesTax is securing the future of the business, its ethos, values and employees, whilst rooting itself locally for the longer term. YesTax gives 2.5% of its turnover to children’s charities across the world and this will continue under the new ownership model.
Director, John Moxon, stated “When YesTax was incorporated it was underpinned by its 4E philosophy: Expertise, Ethics, Ease, and Engagement. By becoming employee owned, we have added a 5th ‘E’ and in the process have become a genuinely unique business within the tax advisory sector. Building a business and passing it to the staff who have worked so hard to ensure its success is immensely satisfying.
Alison Ralston commented, “Having been through the process of selling to a large corporate before, the transition to an EOT was important for three reasons. Firstly, I felt it was the best way to protect our culture in the long term. Secondly, I saw it as the best way to have a gradual, open and honest succession plan and thirdly and most importantly, I wanted to ensure the company remains a “business for good”.
Natalia Pope stated that “studies have shown employee-owned businesses to be highly resilient, more profitable, and more sustainable. The incentives presented to employees improve motivation and performance, while employment standards also tend to be higher.”
When asked what the transition meant to staff, R&D Tax Manager Rachael Hart said “This is a really exciting opportunity for me and my colleagues. I really feel part of something now, and I’m sure it will show in our work. The team are really excited to showcase the new ideas we have”. Senior R&D Tax Consultant, Holly Young, also commented “this is a fantastic opportunity for us all. Everyone will contribute to our future vision and we are all excited by our plans to grow whilst ensuring that YesTax remains a great place to work”.
YesTax. Positively Better