New Leaf Business Services
2F Bates Hill A1C4B4 St. John's, Newfoundland and Labrador, NL, Canada

Q: What tax rate do small businesses actually pay? A: Well, it’s important to remember that businesses are taxed on their profits, not on their sales. Federally, there are discounts for small-to-medium-sized businesses, so the tax rate is 10%. Provincially, in NL, small business pay 3%. So, there’s a total of 13% tax on your profits. Still stumped? Direct message us today for help with all of your taxation questions! www.nlservices.ca/

Q: How can I reduce my accounting costs? A: When you spend money on accounting services, you’re investing in and controlling your financial future. BUT, everyone wants to save money. To reduce costs, your best bet is to see how much it would cost to have an in-house employee vs hiring a third party accounting team. Then, you should also consider hidden costs things like of having someone in-house, devoted 100% to your business, or an accountant who has more than one cli...ent. Or the cost of needing an internal office, whereas a third party would have their own space. This cost-benefit analysis should show you how to get the most return for the lowest cost. Not sure where to start? Make sure your accountant is efficient. Ask around. Get recommendations from trusted friends. For trusted, efficient accounting services, contact New Leaf today. www.nlservices.ca/ See more

Q: Is an employee with a bookkeeping or accountant certification qualified enough for my needs? How do I tell? A: This is a tough one. Your best bet is to engage a qualified third-party to review the employee’s bookkeeping/accounting work on a regular basis monthly or quarterly. Interested in that qualified third party? Contact us today! We’ll happily collaborate to ensure that your accounting needs are met.

Q: When are payroll remittances due? A: Depends! Small businesses remit withheld payroll taxes every quarter, and they’re due 15 days after the quarter’s end. Mid-sized businesses (<$24,999 in monthly deductions) remit monthly. Need more info? Shoot us a direct message!

Q: Should my company buy a car for me? Should the car be in the company’s name? A: Short answer? No. Long answer? Well, for a sole proprietorship, there’s no difference. BUT, for a small business owner, a company car can be much more expensive than a regular one. In terms of taxes, You need to keep it parked at the company (otherwise you incur additional charges), and a vehicle log must be maintained. Often, the best option for a small business owner is to purchase the ...vehicle it personally, then be reimbursed by the company at the per-km rate. That way, you can use the car personally and professionally. Contact New Leaf for more information on things to consider when purchasing a vehicle for company use? www.nlservices.ca