Do I Really Need An Accountant In Newmarket?

When you first start out in business, it is easy to think that you don’t need an accountant in Newmarket.

Deciding that you don’t need an accountant in Newmarket could be one of the worst business decisions that you make. Even if you are working as a blogger, you will need an accountant in Newmarket, Ontario. 

Getting Business Advice From an Accountant in Newmarket, Ontario

When you have been blogging for a while in Newmarket, it is time to take a look at how much money you are making. 

To keep your blog going, you have probably added Adsense and other advertisement programs to your site. You may even be selling affiliate products. 

Are you making a profit? Good for you – you have just become a business. What you need to realize as a business owner is that you need to pay tax on your profits. 

Sure, you can use the cost of setting up your site against the profit of your business. You have probably realized that. But, with so many people working from home in Canada, you may be able to off-set other costs against tax as well. 

When you would like to know more, and make sure you operate your business legally from day one, it is a good idea to set up a meeting with an accountant in Newmarket. 

How Accountants Can Help New Business Owners

Accountants in Newmarket can help new businesses in many ways. 

First of all, they can assist you with putting the right book-keeping systems in place. Many bloggers and website owners presume that financial record keeping is not important. 

If you have planned ahead, you may already have started to keep an eye on your outgoings and money coming in. That is how you figured out that your blog or website is making money, right? 

An accountant in Newmarket can show you how to keep accounts in the right way and according to CRA guidelines. 

You can submit your accounts to your accountant in Newmarket on a monthly basis and let his book-keeper check them over. That way you get peace of mind and know that you are keeping your accounts up-to-date.

Tax Planning For Newbies

When you are new to running a business in Newmarket, it is hard to deal with many of the financial issues that you need to know. 

One factor that many entrepreneurs and new business owners in Newmarket disregard, is the fact they need to pay tax. The amount of money you pay in tax depends on how much profit you have made. 

Instead of operating your business from your personal bank account, it is a good idea to set up a business bank account. That way, you can much easier ascertain how much you need to pay in tax. 

To make sure that you don’t spend any of the money that you owe in tax, you could open a separate bank account for your tax money. That is exactly the sort of straight forward advice you can expect from an accountant in Newmarket. 

When your tax is due, you should have enough money to pay it without any problems. Now you know how much you need to pay in tax and how much money you have in your other account for business purposes. 

Import and Export In Canada

If you are buying goods from abroad, importing them into Canada and then perhaps shipping them to other countries, you need to take that into consideration and account for duties. 

What are duties? Duties are what goods from abroad shipped into Canada may occur. If you are buying goods in Alibaba for resell, it is likely that you need to pay import duty. 

On top of that, you have Goods and Services Tax (GST) to pay. That does not apply to all goods, but unless Canada has a specific trade agreement with the country you are importing your goods from, you may have to pay. 

You may also have to allow for the provincial versions including PST or QST. Some provinces combine the two and call it Harmonized Sales Tax. 

Personal Tax and Financial Planning

You also need to think about your personal tax. If you are trading at a certain level, your accountant in Newmarket may recommend that you start a company. 

Starting a company is a totally different ball game. Not only will you have to worry about company tax, you will also have to take a salary. That means you need to pay tax on your salary as well as the profit your company makes. 

Come to think of it, setting up any business has a really steep learning curve. 

The best thing you can do is to speak to an accountant. JTT Accounting Services has helped many new businesses get off the ground. 

When you would like to find out more, you should get in touch with JTT Accounting – we are ready for anyone in Newmarket. Set up an appointment and find out which is the best way to operate your business on a daily basis. 

I Have Never Done Book-keeping Before!

Once again, don’t worry – you are not the only one. Many new business owners who contact JTT Accounting Services have never done book-keeping before. 

It is a good to sit down and have a conversation about book-keeping. 

You need to be aware that book-keeping even though you are using software, takes up a lot of time. When you think your time is better spent focusing on other business matters such as sales and services, it is better for someone to do your accounts. 

Most firms of accountants in Newmarket have a team of book-keepers that help outside clients to do their book-keeping. 

The service may even include a payroll service if you need to employ someone to help you run your business. 

Final Thoughts

When you first start out in business in Newmarket, the running of it may seem overwhelming. 

Take a deep breath and call your accountant in Newmarket. The JTT Accounting team has experience of helping new business owners to get started. 

We will gently point you in the right direction and let you know what you need to do follow guidelines. 

You can contact JTT by phone, email or by filling the form on the contact web page.