Salmon processor claws back £165K in tax in R&D scheme

News
520

Cumbria-based Harbourside Products awarded back six-figure sum.

Food Manufacture reports that Harbourside Products – a processor which manages the supply and logistics of Scottish salmon to Europe (Italy, Germany, France, Holland, Spain and Switzerland) – is the recipient of GBP 164,800 of R&D tax credits.

It got the funding after “demonstrating improvements to the salmon smoking and salmon slicing process at a cost of GBP 200,000.”

R&D is a tax relief that may reduce a company’s tax bill or in some circumstances, it may receive a payable tax credit.

Managing Richard Hodgson said: “We had claimed research and development tax relief before, but not on this scale, so this time around we had no idea the business would be in line for a windfall of this size.

“Now that we’ve benefited, it really underlines how worthwhile all the R&D was- the claim ended up being game-changing in terms of how likely we are to keep innovating in the future. We have been able to recoup a significant chunk of the turnover that ultimately helps protect the business and local jobs.”

Harbourside Products took over the former Brookside Products site in 2015 after it shut its salmon-smoking plant in Maryport with debts of more than GBP 4 million.