N.D. Precision Products

About N.D. Precision Products

Craigen Engineering Ltd, trading as N.D. Precision Products, are manufacturers of high precision tooling from concept design to prototyping across all sectors.

The innovation

Prior to meeting Myriad Associates, N.D. Precision Products had previously been claiming R&D tax credits with the assistance of a R&D Tax Specialist. During an initial discussion with Myriad, it became apparent that our unique and industry leading approach would significantly streamline their claiming process and enable them to focus on their business and not the annual R&D Tax Relief claim.

How we helped

Myriad Associates assigned its industry experienced technical experts to undertake a walk-through of N.D. Precision Product’s manufacturing facility. This resulted in the identification of additional projects eligible for R&D tax credits.

Myriad Associates then interviewed N.D. Precision Product’s key technical staff and produced very accurate and detailed technical reports. This ensured that their Technical Project Leader spent just two hours on the claim and could continue his work uninterrupted.

"Myriad’s understanding of the industry and our technology is excellent. They were able to successfully identify projects even we didn’t think qualified as R&D."

Simon Sinclair, Technical Project Leader

Myriad Associates’ qualified Cost Accountant worked with N.D. Precision Product’s finance team to analyse their cost base and to ensure the capture of all claimable R&D expenditure.

The reward

Myriad’s innovative 5-Step process ensured that all of N.D. Precision Product’s qualifying R&D expenditure was identified, resulting in an uplift of 216% from the previous claim year.

N.D. Precision Products were able to remove their Corporation Tax Liability and also receive a well deserved Corporation Tax Refund, with combined R&D Tax Relief savings of £57k.

Myriad’s proven methodology not only ensured N.D. Precision Product’s claim was maximised, but also that their time involvement throughout the process was limited to just three hours across their finance and technical teams.