Tax insurance revenues boost Abbey
Tax services prove a boon for Abbey Protection
A boost in the sales of tax insurance helped
Abbey
Protection grow profits before tax of 11%.
Revenues from its tax protection division climbed 14% to £3.5m for the six
months ending 30 June 2010.
While the group noted strong competition in the area, an increase in HM
Revenue & Customs enquiries “should stabilise the aggressive pricing models
of some competitors”.
Its legal protection division grew revenues by 8% to 4.7m
The Accountax specialist tax services unit saw flat revenues, of nearly
£1.1m. Pre-tax profits for the division rose 22% to £0.2m.
“…Our emphasis in recent years in developing specialist consultancy services
in both the legal and tax divisions is now bearing fruit, as is the launch of
new and specialist insurance products for commercial after the event and tax
indemnities,” said chief executive Colin Davison.
Further reading:
Targeted
approach reaping more rewards for the taxman
”
Dash for Cash” policy sees HMRC favour negotiation over litigation