Abbey Tax Protection, the tax fee protection division of the Abbey Protection Group, has acquired Sheffield based HowarthLynch, one of the UK’s leading providers of R&D tax consultancy services to SME’s throughout the UK.
Abbey Tax is a leading provider of professional fee insurance which reimburses fees incurred by businesses and high net worth individuals when HMRC undertakes an enquiry or investigation into a taxpayer’s tax, VAT or PAYE affairs.
HowarthLynch’s team of ten staff, advises over 500 clients throughout the UK.
In addition to providing advice on R&D tax credits, the firm also specialises in the Patent Box.
Abbey Tax has an existing advisory business offering specialist advice in areas such as capital allowances, business valuations and IR35 for personal service company contractors.
Together with HowarthLynch’s products, this will further enhance the offering of specialist tax consultancy services which are offered only to accountancy firms throughout the UK and not directly to taxpayers.
Alison Lynch, who founded HowarthLynch in 2009, will manage the new consultancy business.
Colin Davison, chief executive officer of Abbey Protection Group, said:
“We are one of the UK’s leading providers of fee protection insurance with our policies widely distributed through a network of over 2,000 accountants across the UK.
Building our advisory portfolio gives us the opportunity to provide this network with a range of products which are valuable and attractive to their clients and many of which create recurring revenue opportunities for professional firms.”
Alison Lynch said:
“Abbey is a highly respected and well-known brand amongst accountants and affinity groups throughout the UK.
“This is a great platform from which to market our expanding portfolio of specialist tax consultancy products.
“We see a number of opportunities to extend the range of products we offer and so broaden the specialist expertise that accountants in our network are able to offer their clients.”
Abbey Protection Group was acquired at the beginning of 2014 by Markel Corporation, a US based diverse financial holding company with combined assets of $24 billion and $6.7 billion of shareholder’s equity.