Here are some of the most frequently asked questions that we get. If you have any others then just let us know!

How long do I have to register with HM Revenue and Customs once I’ve started trading?

You must notify them within 3 months to avoid a £100 penalty. If you’re approaching this deadline then contact us and we can help you get the form in on time.

How much can I earn in a year before I pay tax at 40%?

Assuming you are under 65 then for 2007/08 you can earn up to £39,825 before you pay tax at 40%. For 2006/07 you could earn £38,335.

I've heard that there is a new way to account for private fuel on my vat return based on the CO2 emissions of the vehicle. What rates do I use now?

For Vat periods beginning after 30th April 2007 you now use the Co2 emissions of the vehicle to calculate the restriction, as per the following link here.

I don't know the CO2 figure for my vehicle!!

If you go click here then you can obtain the Co2 figures for most vehicles. Alternatively contact us and we'll find the figure for you.

I employ staff, what are the current National Minimum Wage rates?

From 1st October 2008 you should pay at least-

• £3.53 per hour to those under 18 who are no longer of compulsory school age.
• £4.77 for those aged 18 to 21, and
• £5.73 to employees aged 22 and above.

Contact us regarding apprentices as they have their own rules.

Expect the rates to go up again in the future.

I don’t know if I need to register for VAT. What is the current registration threshold?

From 1st April 2007 you must register for VAT if your turnover exceeds £64,000 for a 12 month period. There are a number of VAT schemes so it always pays to ask our advice on these before registering.