A MARITIME mast company in Gosport has claimed tens of thousands of pounds back in research and development tax relief.
The company sought help from the south coast office of accountancy and investment management group, Smith & Williamson.
Tax partner Paul Duckworth flagged up that Seldén Masts was eligible for the rebate because the firm is developing new manufacturing processes.
Seldén Masts is part of the Seldén Group, a world player in the manufacture of masts globally, spars and rigging systems in carbon and aluminium for dinghies, keelboats and yachts.
Paul Duckworth said: ‘Seldén Masts is among a number of maritime companies involved in challenging technological developments in the marine industry, using and improving new materials. This work qualifies the company for the enhanced R&D tax relief supported by the government.’
Seldén Masts, which employs 50 people at its production facility in Lederle Lane, saved tens of thousands of pounds.
The company says the money it has saved will be reinvested in manufacturing.
As well as a network of more than 750 authorised dealers covering the world’s marine market, Seldén Group has seven manufacturing bases, including in Gosport.
Martin Leaning Masts & Rigging in Port Solent is one of the company’s dealers.
Smith & Williamson provides audit and tax advice to Seldén Masts, whose managing director is Steve Norbury.
He said: ‘We’re grateful to Paul at Smith & Williamson for his ongoing support, helping Seldén claim what was due from HM Revenue & Customs. The money will be reinvested in our manufacturing processes.
‘Paul explained the criteria with the engineers and engaged with the engineers without disrupting the commercial drivers required of the team here in Gosport.
‘We will definitely be calling on Paul for his help again this year.’