You must register your new limited company with HMRC and tell it that you are liable for corporation tax. You can also appointment an accountant or other agent to sort out corporation tax for you.

Corporation tax explained: accounting period, taxable profits, and current rates.

These are the rates for the Flat Rate VAT Scheme (FRVS). The first column shows the rates for 2009. The last column shows what the flat rates will revert to when VAT returns from 15% to 17.5%.

You only charge VAT - and can only reclaim it on goods or services that your business buys - if you are registered for VAT. If you are registered, then you must hand over the difference between what you charge and pay in VAT to the government.

The flat-rate VAT scheme (FRVS) makes small business lives easier. Rather than recording the VAT on every transaction you make (EG goods and services you pay for and offer), you just pay a set percentage of your turnover. This saves you loads of paperwork.

Income tax and National Insurance (NI): Rates, allowances, thresholds and limits for 2009-10.

Pay as your earn (PAYE) is how the government collects income tax from employees - including you if you are a director of your limited company. (It doesn’t apply if you’re a sole trader).