Fishing rod firm says others can make net gains

A Washington-based manufacturer of carbon fibre fishing rods is urging businesses to consider netting R&D tax credits, following its own successful experience.

Century Composites enlisted the help of North East accountants, Tait Walker, to secure a sizeable tranche of R&D tax credits.

The firms Vicky Chilcott said “We have built our business on having the most current and state-of-the-art technology to help develop our high-specification fishing products.  We are now in our fourth decade of investment into research and design to allow us to continue manufacturing some of the finest fishing tackle in the UK.

Without Tait Walker’s help to claim R&D tax credits the most recent investment wouldn’t have been possible.  The opportunities the additional funding has presented us with are considerable and I’d irge any business, whatever their area of experitise, to consider what benefits securing these tax ctredits might bring for their company, both in the short and long term.”

Tait Walker tax partner, Alastair Wilson, said “The UK’s R&D tax relief programme provides £1bn of funding across the UK annually and adds about £18m of additional funding to the North East economy, of which we typically generate about £5m a year for our clients.

We have clients for whom it has generated cash windfalls which have enabled them to invest in new equipment when traditional funders wouldn’t lend to them.”

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