2 years late!

[redrobbie]

Hi All,
Over the past 2 years I have been doing private architectural work for freinds and families and have earned on average £8,000 first year and £10,000 second year to my main income. At first I didn't really seriously look at it as a proper income as such more as to pay for holidays etc (sound silly I know)and planned on stopping but now to the more recent economic climate I think I might pursue this as a income to my my main job.

I would like to to make proper accounts and pay the tax on the past two years and have kept records of my dealings and expenses. IS this possible and what do I tell the taxman?

Am I in trouble?

[mullet]

If you are not currently in the self assessment system you have failed to notify chargeability to income tax.
If you are already in the self assessment system you have submitted incorrect tax returns.

If you are confident in going it alone, contact HMRC and cough. But I recommend you to engage an accountant or tax advisor who is experienced in dealing with this sort of situation. You are likely to save more than the fee in the final settlement figure. It isn't that they would get you off the hook as such; they would be able to help you and HMRC to reach a sensible conclusion.

[King_Maker]

When exactly did this new source of income start?