Frequently Asked Questions
Getting Started with Addition
1
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 Dext, Xero, and Dropbox (and closing your accounts on other services) is done within 48 hours.
2
What will Addition need from me to get started?
Once you're set up on Dext, 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.
3
What type of support do I get?
You'll get 1-1 support via phone, email, and video call from your financial team. They're available for any questions about your accounts, reports, and other admin.
CORE Plan & Services
1
What does the CORE plan offer?
CORE provides detailed bookkeeping, timely compliance, and weekly financial insights. Plus, there's the option to add on Payment and Payroll services to tailor your experience.
2
How does pricing work for the CORE plan?
It's a flexible monthly subscription that changes based on your sales, ensuring you get the best value.
3
Does the CORE plan include VAT Returns?
Absolutely! We've got you covered with VAT Returns, all compliant with HMRC's guidelines.
4
How frequently do I receive financial reports with the CORE plan?
You'll get insightful reports every week, and they're always accessible in our user-friendly app.
5
Does the CORE plan cover regulatory compliance?
Yes, indeed! We stay on top of your regulatory needs, ensuring smooth filings with HMRC and Company's House.
6
Can I add Payment and Payroll services to the CORE plan?
Of course. You can easily enhance your CORE plan with our Payment and Payroll services.
7
What is the Payments add-on about?
It's all about ease. We manage your supplier payments in our app, offering either biweekly or weekly payment schedules.
8
How does the Payroll add-on work?
Let us handle the heavy lifting! We oversee employee payments and all the necessary filings. And with Payroll Plus, we directly pay both your team and HMRC for you.
CFO Plan & Services
1
What benefits does the CFO plan offer?
Our CFO plan provides tailored financial strategies without hiring a full-time CFO. You get expert insights, cash management, and regular CFO reports.
2
How does the Cash Runway feature work?
Our CFOs monitor and report your cash flow in real-time through our app, helping you plan proactively and understand your financial health.
3
What can I expect from Expert-Led services?
You'll get monthly CFO reports, performance reviews, and strategies simplified for clear understanding and actionable steps.
4
What is included in the Annual Planning add-on?
This add-on offers goal-aligned budgeting for the year, with clear targets. Our app provides both yearly and weekly budget views and performance comparisons.
5
How can Financial Modelling benefit my fundraising efforts?
We create detailed financial models suitable for various fundraising stages, converting your financials into investor-ready three to five-year projections.
R&D Services
1
Does my business qualify for R&D tax credits?
If your UK-based limited company undertakes innovative projects and you've spent money on these initiatives, there's a good chance you qualify!
2
What activities qualify for R&D tax credit?
Activities that involve creating new products, enhancing existing ones, or developing novel processes usually qualify. They should present a technical challenge and represent an advancement in their field.
3
How much will my R&D tax credit be?
The amount varies, but businesses can recover up to a third of their R&D spend. Your credit will be calculated based on qualifying R&D expenses.
4
Can I claim the R&D tax credit later on/from previous years?
Yes, you can! You can typically make a retrospective claim for R&D tax credits going back two accounting periods from the end of your current financial year.
5
What does Addition’s R&D Credit service include?
We offer an end-to-end service from identifying qualifying projects, writing detailed reports, gathering supporting documentation, to submitting the claim to HMRC. Plus, we'll handle any HMRC follow-ups for you.
6
Why is having an R&D study done important?
Conducting an R&D study ensures your claim is accurate and maximizes the potential credits. It provides a clear documentation trail, reducing the risk of issues or disputes with HMRC.
7
Can I use Addition’s R&D Credit service without using the CORE or CFO Plan?
Absolutely! While our R&D Credit service complements our CORE and CFO plans, you can certainly engage with it separately to make the most of your tax benefits.
Integration and Tech
1
Can I integrate Addition with other tools I use?
Absolutely! You can connect Addition with a variety of tools to enhance your workflow and business operations.
2
How do integrations benefit my business?
Integrations link essential business information, which boosts productivity and optimises your operations.
3
Is the list of integrations fixed?
Our list of integrations is always expanding. If you have a tool in mind, we're open to suggestions.
4
How can I suggest a new integration?
We're all ears! If there's a tool you'd like to see integrated, just drop us a line here
About Addition Finance
1
How many clients do you have?
We're privileged to serve hundreds of businesses, from start-ups to established enterprises. Every client gets our tailored approach and unwavering support.
2
How long have you been in business?
Addition was founded by Graham Davies in 2018. Over the years, we've continually evolved to meet the diverse needs of businesses across sectors.
3
What financial services does Addition offer?
We provide a broad range: from up-to-the-minute bookkeeping and tax planning to CFO support and R&D tax credit claims. We blend advanced software with dedicated human expertise to offer a holistic financial solution.
4
Where are your finance team located? Who are they? What are their qualifications?
Our team, based in multiple locations, boasts certified professionals accredited by bodies like ICAEW and CIMA. We ensure that every expert aligns with our values of focus, responsibility, collaboration, communication, and innovation.
5
Who will I be working with specifically? Will I work with the same people every month?
You'll have a dedicated finance expert or team depending on your needs. Consistency is key to understanding your business, so you'll work with the same people, ensuring seamless communication and tailored advice month after month.
