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

Once you’re set up on Xero and 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.

You’ll get 1-1 support via phone, email and video call support from Marelize or Charles. We are there for you to ask any questions about your accounts, reports and other admin. Send an email to office@add-worth.co.uk and we’ll respond within one business day or less.

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.

You’re self-employed if you run your own business, hire people, provide the equipment you need to work, charge for your services and sell goods or services for profit. A sole trader or self-employed person is not a limited company. If you’re unsure or need further information, please consult the HMRC website.

When you are self-employed, you are responsible for notifying HMRC of your earnings and paying all appropriate taxes. In order to do this correctly, you must keep records of: ​ Your invoices. Your expenses. Your profit. ​ You must fill out regular tax returns – or have your accountant file it for you.

There are many costs associated with running your own business. If you have purchased certain items or services in conjunction with the day to day running of your business, you will be able to offset these against your turnover – meaning you do not have to pay tax on that amount. (i.e If you have spent £10,000 on expenses, and your turnover is £50,000 – you will only pay tax on £40,000). Expenses running your business could include: ​ - Travel costs such as parking, public transport fares and fuel. - Accountancy fees. - Office equipment and expenses such as stationary and business phone costs. - Protective or branded clothing. - Staff and financial costs. - Advertising costs. - Business rates and utilities. ​ Plus other specific expenditures.

A Limited Company is a private company – meaning that its finances and actions are separate from the finances of its owners. This protects individuals from financial issues, should their company fall on hard times. There are several other benefits of setting up a Limited Company, including tax advantages, dividends, investment opportunities and business loans. ​ A Limited Company has more credibility, but added legal and personal responsibilities. We can help with the finer points of setting up your company and keeping it running in a financially viable and effective manner.

At present, businesses with a taxable turnover of over £85,000 in a 12 month rolling period must register for VAT. This includes both Limited Companies and Sole Traders. However, if your turnover is under £150,000, there are VAT scheme options available to you.

VAT can be very confusing. Some goods and services are VAT exempt, whilst others aren’t. Failure to comply with your VAT obligations can result in fines and other issues. Our experienced team can ensure that you’re getting the most out of VAT, without paying over the odds. We can also advise on your individual circumstances and whether there might be beneficial schemes available to you.

Bookkeeping isn’t the most exciting of activities, but it is important when it comes to the day to day running of your business. ​ Finding the time to enter receipts, keep up with invoices and log expenses can be difficult as a business owner. Bookkeeping is one of the tasks that can keep you from developing your business or building your client base. By outsourcing your bookkeeping to an accountant, you can free up your time while resting assured that your financials are all in order. It will also ensure you have adequate accounting records should you get a HMRC inspection.

We’re approachable – we understand that accounting can be intimidating and daunting, but our friendly team are always on hand to offer advice and peace of mind. We’re experienced – with many years of general practice experience, there’s no query we can’t handle. We’re cost effective – not only can we save you money, but we also believe in offering an excellent service at an excellent price.

If you have personal rental income you are required to register for self-assessment and complete annual tax returns. If you have a property portfolio it is similar to running a Limited Company and this might be a more tax efficient structure for you rather than owning properties personally. ​ You may need help managing your various rental accounts, filing expenses and completing tax returns and registrations.

Being a landlord is a big responsibility, but we can help relieve some of your obligations, such as: Landlord specific tax reliefs Rental Accounts Tax Returns Capital Gains Tax

First of all you need to register the partnership with HMRC, either online or using form SA400. We can do this for you if you wish, as we understand HMRC forms can be a scary thing. HMRC will then send you a UTR (Unique Tax Reference), and will expect tax returns from you. ​ A partnership has to prepare its own tax return (SA800), and as a partner you also need to declare any partnership profits on your own personal tax return (SA100). So if there are two partners (individuals) in a partnership, there will be three tax returns needed in total.

Right here. But in all seriousness, look for an accountant that will keep things legal, simple, and on time. We’ll do all the fiddly bits and will try to save you paying more tax than you need to, but we will never break the rules for you. Ever. ​ A good tax accountant will save you time, reduce the likelihood of any errors (we’ve been studying this stuff for yonks so we know the ins and outs of tax) but also reassure you that by submitting all relevant taxes, you’re in HMRC’s good books.

If you’d like to do your personal taxes yourself then that’s absolutely fine. We all know that DIY can sometimes be great, and the shelf stays up, or the shelf can collapse and land on grandma’s head. ​ There’s various tax return software available online but doing your own personal taxes can be complicated and daunting. If you’d rather play it safe, then as your personal tax accountants we will use our up to date knowledge and expertise to take care of your personal tax for you.

Setting up your personal tax account can be done on HMRC’s website. Before you begin, you’ll need to have your National Insurance number, passport or a recent P60 handy. Then head on over here: https://www.gov.uk/personal-tax-account

Your personal tax deadline is midnight on 31st January the year after your tax year ends. For example, for the tax year ending 5th April 2021, it will need to be submitted before 31st January 2022.

Coming straight from the horse’s mouth, HMRC says that “you must keep your records for at least 5 years after the 31st January submission deadline of the relevant tax year. HM Revenue and Customs may check your records to make sure you’re paying the right amount of tax.”

A personal tax summary might not be something you want to get framed, but it’s definitely helpful to have. HMRC issue personal tax summaries to confirm how much income tax and National Insurance you paid during a tax year. The tax summary will also show how the government spent your tax. ​ It’s important to note that your personal tax summary does not include information such as VAT, stamp duty, fuel, inheritance tax, capital gains tax or other allowances. Sometimes the details on your tax summary might be different, but a tax summary is for information purposes and HMRC know that your circumstances change and not all sources of income are included. You don’t need to contact HMRC or your employer when you receive your personal tax summary (as always, if in doubt just give us a call).

This is the amount of money you can earn free from tax. For example, for the year 2021-2022, the personal tax allowance is £12,570, meaning you don’t get taxed on that income. Anything earnt over £12,570 will be subject to tax. ​ There are other instances where you might have a bigger personal allowance which means your personal tax allowance is higher, such as Blind Person’s Allowance or Marriage Allowance.

The main thing to remember about personal tax is this – it’s personal. Just because your mate Dave says one thing about tax, doesn’t mean that it applies to you. To make sure your personal tax is as easy and streamlined as possible contact us.

Statutory accounts (also called annual accounts) are financial records prepared at the end of the financial year. ​ These annual accounts get sent to shareholders, Companies House, HMRC, and people who attend the company’s general meetings. Every limited company in the UK has to keep their records up to date, even if the company is dormant.

Statutory accounts are mandatory, management accounts are not. If you find yourself at a loose end, then sure, why not produce some management accounts, but it’s the statutory accounts that must be submitted annually and within a set timeframe. Management accounts are ideal for making internal business decisions using the financial data available at any given time.

Any other financial statement issued by your company is a non-statutory account. These are valuable in terms of the financial nitty-gritty details concerning your business, and helpful to use from a financial viewpoint when exploring where your company is headed.

A balance sheet A profit and loss statement Notes about the accounts A director’s report An accountants or auditor’s report

All annual accounts must be sent to shareholders, Companies House, HMRC and anyone who attends the company’s general meetings.

The company director.

You will need to file your annual accounts with Companies House within 9 months of your company’s financial year end, with the exception of the first year from date of registration. The due date for the first year's accounts is a bit more complicated - speak to us for the details.

Of course but it’s not easy! If you don’t want to (and we don’t blame you) then hiring an accountant will make sure you meet all the legal requirements and avoid any legal penalties. The accounts you file will become publicly available, so it’s imperative the accounts are accurate as company directors will be held responsible for any incorrect data. ​ As with most bookkeeping and financial activities, it can seem daunting at first. Statutory accounts are just one of the services we offer so that you can carry on running your business and leave the numbers up to us. When your accountant manages your annual accounts, not only is it a streamlined process, but it’s an additional safety check that can put your mind at ease.

A sloth yawning. Cooking a turkey. Your granddad telling his favourite story about when he was in the Navy. These things are time-consuming, but none of them compare to payroll. ​ Payroll services are time-consuming. It is also one of the most business-critical functions that must run effeciently so that you, your employees, HMRC are all happy. But what happens if your payroll manager goes off sick? Can you respond quickly to a change in government legislation? If not, that’s where we come in, but there are many other points to consider when it comes to payroll services.

A small business payroll service will differ from a large multi-national company payroll service, but payroll packages will usually include: ​ Data entry Tax calculations National Insurance PAYE Auto-Enrolment Pensions RTI provided to HMRC Payslips Official documents, e.g. P45, P60 and P11d Reports End of year summary GDPR compliancy

Do you think Superman did his own payroll? “Sorry Lois, I can’t save the burning school because I’m just sorting out my National Insurance contributions”. No. Superman will have outsourced his payroll services (we’re not saying it’s us, but we’re not saying it’s not). ​ Companies use payroll services because they can focus on all their brilliant superpowers, such as business development, sales, and communications, instead of playing around with numbers. In-house payroll services are money burners, so companies often use payroll services as a way of saving the business money. What’s more, a packaged payroll service means you don’t have to worry about compliance, regulations and legislation as accountancy firms have already got in-depth specialist knowledge.

There are many benefits to outsourcing payroll services. Training staff can be incredibly expensive, as can buying the latest software. It also takes time to train employees. Outsource payroll to an accountant, and you don’t need to worry about any of this. ​​​ What’s more, outsourced payroll services are quick, speedy and efficient; a company that specialises in payroll day in and day out is likely to be better at complex payroll queries. Nowadays 61% of businesses outsource their payroll, which suggests that thousands of companies prefer outsourcing payroll rather than doing it in-house.

On average it works out at around £5 per employee per payslip transaction (i.e. per month or per week for weekly paid employees), but it varies between employees and directors. Whilst it’s always important to think about how much it will cost outsourcing your payroll services, it’s also worth thinking about how much it will save you. The value of expert knowledge, the latest software, regular training, risk reduction and pre-empting penalties will give you peace of mind that your payroll is in safe hands.

Corporation Tax is paid to HMRC out of any profits your business has made, as well as any profits made from company investments. It differs from personal income tax as there are no personal allowances for Corporation Tax.

Any active UK limited companies that have made a profit will need to pay Corporation Tax. Public Liability Companies (PLCs), unincorporated associations, and some clubs and membership organisations will also need to pay Corporate Tax. If you’re not sure which category you fit into, then please check – better to be safe than sorry.

The aim is simple: Corporation Tax planning helps you reduce your tax liability and improve your profitability. On a deeper level, Corporation Tax planning ensures you’re compliant, in control of your company’s finances, and are able to maximise tax relief or tax credits where available. ​ If you’re not keeping record of how much Corporation Tax you’re paying, how can you find out if there are more tax-efficient ways to increase your profit? Wealth isn’t as simple as ‘make more sales = make more money’, which is why careful Corporation Tax planning should be woven into your financial objectives.

For the financial year 6th April 2021 to 5th April 2022, the Corporation Tax rate is 19%.

We help you pay the right amount of Corporation Tax, and not a penny more. We’ll also help you pay Corporation Tax on time and inform you of any ways in which you can take advantage of industry specific tax reliefs available. ​ Most importantly, your Corporation Tax planning will ensure that everything is ticketyboo in the tax arena. You must pay your Corporation Tax as it’s a legal requirement, but we’ll make sure this is as smooth as possible.

Take your profit, divide by 100, then multiply by 19. The remaining number is how much Corporation Tax you’ll need to pay. Not quite but it will give you an idea. Us accountants usually have to make a few adjustments to arrive at the correct figure. ​ It’s worth speaking to your accountant to make sure everything has been calculated correctly before submitting anything to HMRC.

According to the UK's Companies Act 2006, a small company is defined as one that does not have a turnover of more than £6.5million, a balance sheet total of more than £3.26 million and does not have more than 50 employees. ​ Micro-entities are very small companies. Your company will be a micro-entity if it has any 2 of the following: a turnover of £632,000 or less. £316,000 or less on its balance sheet. 10 employees or less. If you’re unsure whether this is you, our team can advise you on your company status and whether you might be able to take advantage of certain small business and government incentives.

Bookkeeping Cloud software Annual Accounts Management accounts VAT Tax Returns PAYE & Payroll

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.

Add-Worth has 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 and inventory management, to CFO support.

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.

No, there is no set-up fee when you join Add-Worth.

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

Our FOUNDATION 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.

When we say ‘complete accounts’, we mean it. While some other accountants may charge extra to submit your VAT Returns, our FOUNDATION 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.

This is an additional service we’re happy to provide. Speak to us to see how we can help.

While our FOUNDATION 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 speak to us to see how we can help.

You’ll receive financial reports on a monthly basis. This includes; Balance Sheet, Statement of Cash Flow and Profit & Loss Statement.

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.

Add-Worth offers add-on services including: Payroll and Self Assessment. These plans are charged on top of your monthly fee and can only be added to FOUNDATION. Speak to us to see how we can help.

Dext is an automatic data entry tool that sorts and stores your financial information. 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.

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.

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 Dext, 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.

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 Dext 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.

When you sign up to Dext, you’ll be given a unique, personalised, ‘@dext.cc’ address. If you forget this for any reason, you can find your Email-in address by clicking the green ‘Add Documents’ button, then clicking the ‘Costs’ Tab. Once you’re set up, it’s as easy as forwarding all emails to Dext. You won’t even need to copy us into the email! Dext Integrates with Xero – meaning we’ll be able to see all your invoices, receipts and bills once we log in.

It’s very simple and easy to add invoices to Dext. You can do this by either forwarding them to your Dext email, or taking a photo of the paper invoice with your Dext mobile app. It’s best to add invoices on a daily basis, or as soon you recieved one! However, you can also add them once a week, if you prefer.

Every fortnight, we’ll share a “Bank Reconciliation Report” with you. This will outline all the statement lines that we either don’t have any docs/evidence for, or that we need more information on. If we haven’t heard from you by the beginning of the next month, dont worry! We’ll make a call to categorise the spend, as well as follow up with all unsupported items before your next VAT return (if relevant).

Invoice Fetch from Dext is an incredible tool that lets you automatically collect invoices from online suppliers. All you need to do is provide Dext with the supplier information, and it will pull all your invoices straight into your inbox. That way, you’ll be able to review everything in once place, and send it across via Dext for us to sort.