going legit after 7 years in the wilderness?


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Hello everybody, I wonder if you could give me a bit of advice..

I have been working for myself for around seven years now but I have never registered as self employed or declared my earnings to the nice Mr tax man. Due to a recent change in circumstances (my girlfriend is having my baby :) ) I have decided it is time to bite the bullit and try to make a go of my business officially and so I was wondering if some of you nice folks could give me a bit of advice on what penalties i will incur and basically how much it is going to cost me.

The main reason for not registering before is because I have never really earned that much and I mistakenly took the advice that If my earnings were below the taxable threshold I didnt have to register my business. (yes I know, It was silly! )

I have records of all of my earnings, outgoings and profit dating back to March 2004, It was always my intention to register and declare eventually

april 5 2004 - 2005 profit £2034

april 5 2005 - 2006 profit £3177

april 5 2006 - 2007 profit £2751

april 5 2007 - 2008 profit £4131

april 5 2008 - 2009 profit £4238

april 5 2009 - 2010 profit £5871

Im not sure it is relevant but during this time I have never claimed any income support benefit or recieved any money from the government

Can you please give me any advice on if I should register as self employed and declare the above earning and what might happen next?

is the above taxable?

what penalties will I incur?

will i have to fill out a tax return for each of the above years or just one for all of them?

I am somewhat in the dark here so any and all advice you could give me would be greatly appreciated

thanks guys ;-)
 
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