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

Q: Should I fear the brown envelope from CRA?! A: Does your heart skip a beat? Do your hands get clammy? Do you start stammering, not knowing what to do?! If you show signs of stress when you get a CRA envelope, it sounds like you’re not confident in your accounting. Nobody should fear the CRA. They can request business records, and you must submit them (usually). That shouldn’t be a problem if you had the right accounting team. ... Trust your accounting with New Leaf. Reach out today, and we’ll make your fear go away. www.nlservices.ca

Q: Does my new or existing business qualify for any grants? A: In all likelihood, yes! The most accessible grants are the provincial ones like hiring grants that pay 50% of a new employee’s wage, training grants covering ~66% for employee training, or development grants for major projects! Contact us today for advice on how to land a grant!... www.nlservices.ca

Q: Should I open a GST/HST account immediately after starting my business? A: That depends on your type of business! Some businesses may benefit, and others may not it’s all contingent on your clients and start-up costs. It’s also important to consider one big thing: legitimacy. If your business is HST registered, it may appear more legitimate and professional. Chat with us today to find out if a GST/HST account is best for your new business! ... www.nlservices.ca/

Q: When is HST due? A: Your due date depends on your registration period. In most cases, HST is due the month after your quarter’s end. However, some sole proprietors may have an annual filing period (due date = April 30), while larger businesses are required to pay monthly. The best practice is to mark your registration date and work from there. Confused? Contact us today and we’ll help you sort out your HST payment schedule. ... www.nlservices.ca

Q: How do I plan for the financial future of my business? A: You plan by knowing what to plan for. We recommend engaging a skilled accounting team to help you file, budget, forecast and get your books in order. It’s important to build a trusting relationship with an accountant who understands you and your business and can get you where you need to be, no matter what the road ahead looks like. Contact New Leaf today to plan your company’s financial future!... www.nlservices.ca/

Q: How do I properly/accurately estimate opening costs for a business? : Launching your business is a big undertaking, but planning will help the process! First, consider hard start-up costs like equipment, training, inventory, and other items. Then, estimate your monthly sales costs, including stuff like rent, employee wages, and so on. ... Always consider the worst case scenario and the best case! so you’re prepared for every possible outcome. And remember to research and ask around for advice from professionals. Look into funding, and consult with other entrepreneurs about the cost of their start-ups. Need help estimating the cost of launching your business? Private message us today! www.nlservices.ca

Q: I'm making money, but I don't seem to have any cash flow. How do I fix this? A: This is one of the biggest issues business owners face. Often, low bank account balances are the result of not considering liabilities (such as bills, payroll remittances, HST remittances, and so on) until they’re due. One of the best ways to fix your cash flow issues is to create a Cash Flow Management (or Capital Management) Plan. This will help you plan ahead, prevent surprises, and help... you get a real look at your cash flow. Message New Leaf today to mend your cash flow woes! www.nlservices.ca/