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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4414
Experience:  FCCA FCMA CGMA ACIS
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i have 5 years of Accounts that i have not paid tax on, I kept

Customer Question

i have 5 years of Accounts that i have not paid tax on, I kept a record of everything but never have done a tax return, Im a Freelance Photographer and I roughly earn £20,000 per year.
And roughly out of this sum i spend 10,000 a year on the bussines ie Studio Rent, equipment etc,
How do i progress forward?? Im stuck in a dark Tunnel.
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question. The news I bring is, however, not good.
You will have to make your peace with HMRC and make all the tax returns which are outstanding. You should contact your local HMRC office (or, if you already have one that office) to arrange for the relevant forms P40 to be sent to you. There will be some tax due on your earlier years, but less in later years as the Personal Allowance has risen. You will have to pay interest on outstanding tax and HMRC may well impose penalties for failing to make returns. I regret to have to tell you that you are in for a fairly hefty bill. This web site will enable you to get some idea of the HMRC penalty regime: Grovel, you might just get away with it, but don't count on it.
https://www.gov.uk/estimate-self-assessment-penalties
I am so sorry to have to rain on your parade
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.
Customer: replied 2 years ago.

Thank you Im aware of tax bill i have to pay with rough calcaltions

i feel im looking at £5000,because alot of my earning i spend on rent and equipment, while my personal allowence is very low,

Also im paying off monthly bills already for late tax returns which i guess is a plus:)

Would u Recomend me going to see a Account expert with all of my account data to gudie me through the process,

Expert:  bigduckontax replied 2 years ago.

Well you could, but you seem to have things well in hand, so why to go to that additional expense? It might cost you well up to 1000 quid plus VAT for 5 years worth of returns.