Who are Frank Hirth
Based in London, this accountancy firm was founded back in the 1970s. Frank Hirth specialises in tax compliance for the UK and US markets. For the last 45 years, the firm has aimed to support its clients in navigating through complex regulations and tax planning issues that apply across borders.
On 4 May 2021, Frank Hirth was acquired by EY, one of the country’s Big Four accountancy firms. Some 195 of the firm’s employees, serving 4,000 of Frank Hirth clients, moved over to work for EY as part of the deal. Currently, the organisation operates as EY Frank Hirth Limited, and its employees work alongside its parent firm’s private tax teams.
What do they do
Frank Hirth provides a variety of tax and financial services to its many clients from various sectors of business, including the hospitality, technology and public sectors. These include, but are not limited to:
- Private Tax Services – including tax advice and reporting for individuals and families, specialist US tax advice, private capital agenda, compliance and reporting, and tax risk management
- Trusts, estates and family wealth services – including family office services, estate and trust management, and risk management for family offices
- Private capital and business tax services – including UK and international tax advice, tax planning on acquisitions and disposals, partnership tax compliance and advisory work, and access to the firm’s specialist teams
As a wider group, EY reported combined global revenues of $37.2bn (£26.8bn) for the financial year ended June 2020, a year-on-year climb of 4.1%.
EY’s tax division saw the largest increase in revenues, rising 5.1% from $9.46bn (£6.81bn) to $9.76bn (£7.03bn), as its transaction advisory services represented the lowest jump of 2.8% to the smallest revenue of $4.09bn (£2.95bn).
As for the company’s UK operations, it saw a fee income increase of 5% to £2.6bn for the 53 weeks ended 3 July 2020.
With Frank Hirth only just having just been added to the firm, there are no updated figures regarding how the deal has impacted the financial results of EY’s tax division since the acquisition.
In the news
The acquisition was made to accelerate EY’s plans to become a leading organisation in private tax services in the face of rising complexities involving UK and US tax issues. Since this acquisition, EY’s private tax team now includes 550 working tax and business professionals across the country.
On the acquisition, Jeff Soar, EY UK and Ireland’s regional managing partner for tax and law, commented: “The acquisition of the business of Frank Hirth represents a significant investment and is a bold statement of intent, aiming to position EY as a leading organisation in providing private client tax services in the UK.
“We look forward to welcoming Frank Hirth’s professionals and clients to the EY organisation at what is an exciting period of ambitious growth and development.”