Useful Information:

Online:

HM Revenue & Customs                 Official Government Website

Companies House                         Companies House Website               

Taxation Web                               An online tax community

Tax Cafe                                      For online Tax books

Business Rates Information             Guidance on Business rates

Tax Indicator Document Archive     Useful tax documents and aids

Blackwells Books Online                 A source for finance, business and law books

Tax Aid                  A UK charity for those who cannot pay for professional advice.

Telephone:

HMRC Advice Service Enquiry Line   0845 010 9000

HMRC Employer Helpline                 0845 714 3143 

Other business-related facts and figures

Data protection

If your business processes personal information, you must comply with the Data Protection Act 1998. You must register as a 'data controller' with the Information Commissioner's Office (ICO). The registration fee is £35 per year. Data controllers can charge up to £10 to provide information to someone who has asked to see it.   

Late payment charges

Credit management procedures are key to your business' financial health and even its survival once you are operational. If you receive late payments from customers, you are allowed to claim reasonable debt-recovery costs.

Currently late payment charges are:

* £40 for debts up to £999.99
* £70 for debts from £1,000-£9,999.99
* £100 for debts of £10,000 and above

You are also entitled to claim interest on late payments under the Late Payment of Commercial Debts (Interest) Act. Interest is charged at 8 per cent over Bank of England base rate and is fixed for six-month period   

Tax on business vehicles

The earnings threshold for treating company cars as a benefit in kind is £8,500 per year, including any taxable benefits and expenses payments.