Frequently asked questions

Got a question? You’re in the right place. Take a look here to find what you’re looking for.

If you’ve still got questions, simply send us an email or give us a call and one of our experts will be happy to help.

How It Works

How easy is it to switch to Addition?

Very easy. We just need the contact details of your current accountant, and your approval to speak to them. Setting you up on Receipt Bank, Xero and Dropbox (and closing your accounts on other services) is done within 48 hours.

What will Addition need from me to get started?

Once you’re set up on Receipt Bank, you’ll be able to easily share your financial data with us. All you’ll need to do is take a few pictures of your purchase invoices and give us access to your sales data.

What type of support do I get?

You’ll 1-1 support via phone, email and video call support from your dedicated bookkeeper. They’re there for you to ask any questions about your accounts, reports and other admin. Send them an email and they’ll respond within one business day or less.
You can also add face-to-face meetings (or Covid safe video calls) with our CFOs. This is the ideal set up if you require additional expertise, such as forecast reporting, budget planning or funding rounds.

Can Addition help me set up a company?

Absolutely. We don’t publish prices for this service on our website as it depends on a number of factors. Simply get in touch and we’ll put a plan together.

Do you support international companies?

We can support you if your company is a UK entity, no matter where you are based in the world. We can also support US companies and UK entities with foreign subsidiaries in the US/worldwide. At the moment, we do not support any other foreign entities.

What types of companies can Addition support?

Our qualified accountants and expert CFOs have many years of experience across a broad range of industries, both SMEs and large corporations. We work with awide range of companies, from food trucks to tech start-ups. Whether you’re a start-up or rapidly growing, get in touch and let’s see how we can work together.

Pricing

Why is your pricing based on monthly sales instead of monthly expenses?

Our pricing is fair and transparent without any hidden fees. We found prices based on monthly sales provide the best value for our clients. A small business that’s just starting out may incur a lot of expenses, but not many sales yet.

How do prices change as my business grows?

Addition is a simple and scalable accounting solution that grows with your business. Our pricing is adjusted to your monthly income, and we’ll let you know when this fee changes. As your business expands, you might require more services and expertise. We’re here for all your needs, from supplier management and inventory management, to CFO support.

Is there a minimum term or contract with Addition?

You can leave whenever you like with no exit fee. All you need to do is give us one month’s notice. We’ll then support you through the switch to your new accountant.

Are there discounts if I sign up for a year or more?

We work based on a monthly model as we understand revenue can vary month-to-month. As such, we don’t provide yearly packages or any discounts, but promise to give you a fair rate for our premium services.

Are there any one-time fees when I sign up?

No, there is no set up fee when you join Addition.

Integration

Addition uses Receipt Bank and Xero for automated bookkeeping and accounting services. This gives us more time to review your business so we can provide thorough analysis and insights that can make a difference.

What is Receipt Bank?

Receipt Bank is an automatic data entry tool that sorts and stores your financial data. It makes uploading receipts, invoices and expenses super quick and easy. You simply take a photo of the receipt or other financial data, upload them into the app, and it will automatically send that information to our integrated accounting platform. No more shoebox full of receipts.

How often should I upload to Receipt Bank?

To make sure your books are accurate and up-to-date, we recommend at least once a week. Expenses are an important part of your books and any missing information can have negative effects on your cash position. Set aside some time each week to get into the habit of uploading – we promise it’ll be quicker and easier than you think.

What is Xero?

Xero is a cloud-based accounting software platform that allows us to easily reconcile your books, keep track of profit and loss, pay invoices and more. We use it to get a clear view of your business’s financial position, as Xero easily integrates with other business software tools, like Receipt Bank, Shopify, and PayPal. You’ll have access to Xero once you’ve been onboarded, and your dedicated bookkeeper will show you how to review your reports.

Why use Xero?

We use Xero for all bookkeeping as it offers many benefits:

  • Intuitive and user friendly system which is easy to navigate and review your reports
  • Seamless integration with other apps, such as Receipt Bank which you’ll use to upload receipts and invoices. Xero can also be connected to your ecommerce platform and inventory platforms, making it really easy to manage everything in one place.
  • Xero works on a cloud platform with real-time financial reporting so you’ll have immediate up-to-date access to your numbers, including your cash position and other information about the financial health of your business.

CORE

Our CORE plan ensures your books are up-to-date and ready for HMRC whenever needed. In addition, we’ll dive into your and provide useful insights that move your business forward.

How does pricing work?

Our CORE plan, which includes complete bookkeeping and accounts, is based on a monthly subscription model. The price is transparent and scales with your monthly sales without any hidden fees. See our products for more details.

Does the CORE plan include VAT Returns?

When we say complete accounts, we mean it. While some other accountants may charge extra to submit your VAT Returns, our CORE plan includes this service. We’ll make sure everything is submitted according to HMRC guidelines and deadlines, all you need to do is review and approve.

Will you send invoices to my clients and help pay my bills?

This is an additional service we’re happy to provide. Please refer to our payments plan for more details, otherwise speak to your dedicated bookkeeper on how we can help.

Are accounts receivable services included in the CORE plan?

While our CORE plan is pretty comprehensive, it doesn’t include following up payments of unpaid invoices. This is an additional service we’re happy to provide. Please refer to our payments plan for more details or speak to your dedicated bookkeeper on how we can help.

What reports will I receive?

You’ll receive financial reports on a monthly basis. This includes; Balance Sheet, Statement of Cash Flow and Profit & Loss Statement. Your dedicated bookkeeper will be happy to go take you through them and will highlight any areas of concern or opportunity.

What if my annual reporting is coming up?

We’ll do everything we can to help you hit the deadline. If you are very far behind with your bookkeeping, there may be an additional cost. But we’ll give you an exact cost breakdown before you join.

What if I require more services?

Addition offers add-on services including; Payroll, Self Assessment and HMRC Audit Cover. These plans are charged on top of your monthly fee and can only be added to CORE. Visit our product pages for more details, or speak to your dedicated bookkeeper.

R&D

R&D credits is a goverment incentive, designed to reward companies for investing in innovation. We handle the whole process, so leave the paperwork to us and get back to business.

What does Addition R&D Credit include?

We help businesses with all aspects of claiming their R&D tax credits.

  • Identify and calculate qualifying R&D expenses
  • Prepare your Company Tax Return Form (CT600)
  • File to HMRC on your behalf
  • Prepare the technical narrative and any supporting financial documents. This is an important element to explain how your investment meet the requirements for claiming tax credits. A good technical narrative could speed up the process of approval and reduce any follow-up enquiries from HMRC.
  • Coordinate with your accountant to ensure books and taxes are accurate. If you’re on the CORE plan we’ll take care of this.
  • Support you with any HMRC enquiries
How do I qualify for R&D tax credits?

To benefit from R&D tax credits, you must:

  • Be a limited company in the UK that is subject to Corporation Tax
  • Have carried out qualifying research and development activities
  • Have invested in these projects
What activities qualify for R&D tax credits?

R&D tax credits cover a range of different activities in various fields, such as:

  • Software development. For example, the development of a new virtual reality gaming capability
  • ICT hardware development. For example, the development of new firewall hardware
  • Engineering design. For example, the development of packaging with a unique chemical structure
  • New construction techniques. For example, different eco-friendly roofing materials could be in development
  • Cleantech. For example, the development of new energy-efficient appliances
  • Agri-food. For example, a project to develop crops more tolerant to climate change
  • Life and Health sciences. For example, the development of a COVID-19 vaccine

For more information on all activities that might be qualifying for R&D, see here.

How much R&D tax credit will I receive?

The R&D tax credit is applied slightly differently, depending on whether the company is profitable or is making a loss. You can receive it as cash credit, or a current or future tax offset. Businesses that incur costs in developing products, processes, software or services can recover up to 33.35% of their R&D spend.

Can I use R&D Credit without using the CORE plan?

Yes, our R&D Credit service is a standalone product. We’ll prepare the necessary documents and calculations and submit your R&D tax credit claim on your behalf to HMRC. For more information get in touch.

CFO

Our CFO plan gives you an in-house financial expert to help your business grow further, faster.

When would I need a CFO?

Our CFO plan is for growing businesses who need additional ad-hoc support. If your business is ready for the next step or needs to make a large financial decision, our CFO plan is the service for you. We’ll provide fundraising support, review investment cases, check your board decks or help you structure your expansion.

How does CFO pricing work?

Our CFO plan can be added to CORE or purchased as a standalone service. For more details and pricing, visit our CFO page.

I have a business challenge, can the CFO plan help?

Our experienced CFOs are always up for a challenge. We offer ad-hoc CFO support on a project basis and scope out the details depending on your financial needs and timelines. Get in touch to find out more.

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