Question time: Is your tank established? When you add fish, you expect the ammonia level to rise until the tank comes to equilibrium again, but by the rhetoric you used, I'm unsure if you know about cycling (and cycling is VERY important).
If you need information on cycling, please look here:
http/faq.thekrib.com/begin-cycling.html I don't mean to jump to conclusions, so if you are not a beginner, please pardon me; but if you are a beginner, you absolutely need to understand what happens to your tank when you put fish in it, and when, and why (i.e. the cycle). Your fish will thank you, I promise.
To more specifically address your question, ammonia is very toxic to fish, but its toxicity is greatly increased as the pH level of water rises. For instance, ammonia levels as high as 10 ppm are generally considered "safe" at a pH of 6.5, but ammonia present in 0.5 ppm is deadly at a pH of 7.8. You really need to know your pH level so you can guage the "safe" zone for ammonia. Generally speaking, a level of 0.5 ppm is nothing to panic about (unless your pH is high, in which case you should consider finding a *gentle* way to bring it down some), but it does indicate that you should continue to monitor to see if it elevates. If you are currently cycling, your ammonia levels are only going to get higher. Constant water changes to keep ammonia down that low are counterproductive to getting the cycle going, in my opinion, though some will disagree.
Test your PH and determine what it is. If it's 7.2 or less, you needn't really be concerned about ammonia damaging your fish (unless you have terribly sensitive fish) until it gets in th 4.0 ppm range. If it's higher than that, you should consider getting it down in the 6.8 to 7.0-ish range. Lower pH does not remove the ammonia, but it does neutralize some of its toxicity.
Also, as TheWaterBoy pointed out, a number of ammonia neutralizers don't remove the ammonia, they neutralize it's toxicity. The unfortunate side effect of this is often that their use makes your ammonia test produce inaccurate results. Using these chemicals is not all bad, though, because they makethe water safer for the fish while leaving the ammonia present so the nitrogen cycle can continue - you just aren't able to accurately monitor how much ammonia there is. Kind of a double-edged sword.
pendragon!