Big Interview

10 years’ on, Chiswick accountants Oasis well-tuned

Having worked in the accountancy field for 10 years, in 2013 Shankar Devarashetty decided to take the bold step and set up his own business in Chiswick.

In 2013 Oasis Accountants was born and has not looked back since. Shankar (who is managing director) explains how the business has evolved over what is now the best part of a decade.

“The company started out in Chiswick as an accountancy firm in 2013 but by 2015 we were also offering financial planning and wealth management services. We have also opened two active offices in Bishopsgate and Wellingborough as well as a satellite office in Bromley.”

As Shankar stresses the goal from the start for Oasis was to be a one-stop shop taking clients from business start-up stage to retirement. And this is where Oasis Accountants is now - providing business accounting; individual accounting; wealth management and estate planning.

Across all its locations, the company (with 1,200 existing customers) employs around 50 staff with 15 dedicated account managers. Oasis has plans to expand further. “I would like us to be a top 50 firm in the next five years. This means we will look to acquire more practices and grow organically as well”.

From inception the company has invested heavily in technology ensuring the business runs as smoothly as possible. And Oasis has built a valued reputation serving clients across a number of sectors including hospitality, construction, software development and property.

Indeed, Shankar who is involved in property development himself, has a specialist knowledge in this area and is able to help developers with project development finance as well as tax advice.

Timely guidance during economic downturn

Given the economic and political turmoil the UK finds itself in right now, it has been a critical time in terms of clients needing advice. “There are so many different ways we help clients, for instance how they can claim various allowances or utilise schemes out there for SMEs. A main focus is on helping clients to be cash-flow sound and always trying to make a company as tax efficient as possible – for instance buying electric cars through the business.”

For start-up enterprises Seed Enterprise Investment Schemes are hugely important and Oasis has a solid track record in helping firms raise this essential capital. As Shankar explains funding is one of the company’s key strengths.

He is also keen to point out that timely guidance to fix mortgages as fears of inflation first surfaced, has really helped to provide many of his clients with a greater feeling of security.

The Chamber connection

Shankar has been involved with Hounslow Chamber of Commerce for around 10 years now. He is a director of the Chamber and was part of its task force during the Covid pandemic.

He explains the support given by the task force during this time and the positivity that it brought. “We gave free presentations every week to all businesses across the borough. We were able to help these companies through a difficult time and it was also good for our profile. We have benefited from a lot of referrals via the Chamber.”

Shankar is proud of his ties with the Chamber. “I live in Hounslow and I wanted to make a difference so I joined as a board member”.

He does not regret his decision. “The Chamber provides a huge amount of support and networking opportunities. You get good insight from the different types of events – whether covering topics like import/export trade or cyber security, the breadth of coverage is a real benefit to businesses across the borough.”

The road ahead

Over the coming years local business will need as much support as they can get. As Shankar stresses, the country is likely to be in recession for the next two years.

“Clients are worried – cash flow is very tight and the job market is very tight. In six-month’s time it could be worse, particularly in regard to cashflow”.

However, he does see some positives amongst the gloom: “With sterling down there could be opportunities in terms of foreign investment but for that to happen the UK government needs to provide some type of stability and there is no guarantee of that – yet.”

Government decisions (or indecision) over IR35 rules is something that has particularly frustrated Shankar.

Kwasi Kwarteng in his brief time as Chancellor planned to scrap IR35 rules, which affect selfemployed individuals operating through a company.

Scrapping IR35 would have seen self-employed workers providing their service through their own companies again and be responsible for paying the appropriate amount of tax and national insurance contributions.

But new Chancellor Jeremy Hunt has reversed this plan so the rules will still apply.

“This one piece of legislation has resulted in many talented people leaving the country. IR35 has penalised many people who were doing an excellent job,” Shankar concludes.

I would like us to be a top 50 firm in the next five years. This means we will look to acquire more practices and grow organically as well.