Background
Russell Chapman is ACCA qualified, with extensive accounting and tax experience working within the banking industry. He worked for several of the large banks both directly and within a contracting capacity including Lloyds Banking Group, Morgan Stanley, Blackrock, Clydesdale Bank and Barclays. Further to this, he spent several years working at Grant Thornton, gaining valuable tax advisory experience.
Why TaxAssist Accountants?
Russell joined the TaxAssist Accountants network in 2018, after purchasing an established practice in South Glasgow from a former franchisee.
"The decision to come into TaxAssist Accountants was made over several years. I watched the company grow from strength to strength which provided me with the assurance I needed to finally make the leap," said Russell.
"TaxAssist allowed me to purchase my own practice and run this successfully by providing me with the tools I needed to run the overall business. I knew I could undertake accounting, prepare tax returns, speak with clients and sell myself. What prevented me from going down this route before, was the uncertainty of how best to market the business and the scary thought of running my own IT. TaxAssist helped me by providing a system for marketing which had a track record of delivering. I’m confident that this works. Further to this, by being part of the network, I have access to excellent IT staff who take care of all my IT needs. They log onto my computer remotely and fix anything needing fixing."
Growth and Expansion
When Russell took over in August 2018, annual turnover was £160,000. Within three years, he had grown it to £360,000, servicing over 570 clients.
Encouraged by demand, he opened a new shopfront in Clarkston, Glasgow, and now operates two territories - Glasgow South and Glasgow City Centre - with plans to acquire two more alongside his business partner, Rowena Lloyd.
His long-term goal is to reach £1.2 million turnover within five years.
Support Through Challenges
The journey hasn’t been without challenges - particularly during the COVID-19 pandemic. Russell credits the Support Centre in Norwich for providing essential resources, including client updates on grants and relief schemes, which helped his practice maintain trust and momentum during uncertain times.
"TaxAssist are always there in the background. If somebody gives me a bit of a curveball question, I don't know the answer to, I always have the technical team to lean on. The marketing team have been there to help me create a new marketing plan to determine how it is we're going to drive the business forward and the new branding, it just screams quality."
A Focus on Quality and Efficiency
Russell’s ethos is to provide clients with genuine advice and support-not just annual tax returns. This approach has led to high client satisfaction, referrals and steady growth.
By streamlining procedures and embracing automation, Russell has achieved an impressive 56% underlying profit margin.
“Growth isn’t just about sales - it’s about running efficiently and keeping costs under control. It’s absolutely possible if you embrace the efficiencies and technology available.
“These developments are largely attributed to the hard work of my team and for this I give them my thanks. Massive appreciation also needs to go towards the Support Centre, who have been there to support us every step of the way.
Russell’s Advice to New Franchisees
"The journey's been fantastic.
“If anyone out there is thinking of setting up their own business, then I strongly recommend TaxAssist as an option to consider. I now own a strong, profitable business which is geared up for further growth and I’m confident TaxAssist will be beside me to support me to achieve my future goals.
"On the Discovery Day, I was told,“stick to the model, the system works”. Well I’m well and truly a converted believer."
