Late filing fines?

Hi everyone, I have a few quick questions about fines for late filing/how this is handled. Apologies if these have been answered before 

A quick background:
- I think I last filed a return in 2008 (I was a student and working part-time; my dad insisted I should file so I could start earning Social Security)
- August 2008-July 2010 I was studying/interning in France, Germany and the UK. I made some income in each country, but never more than $9k in a year
- September 2010-current: working full-time in the UK, BUT had been advised through another American friend that her UK accountant said we didn't need to file a return due to making significantly less than $91k

I have since found out that this is not the case and I should file for at least 2010 and 2011 (and of course, 2012). I am currently married to a UK citizen, intend to stay in the UK, and all of my tax information is currently with the UKBA while they decide on my FLR(M) application.

My husband and I rent a flat in London, have no kids, I have no investments here other than a cash ISA, and I would be interested to claim any exemptions or deductions possible. I have a few investments in the US. I think I am paying more tax in the UK (PAYE) than I would in the same bracket in the US.

My questions:
- Will I be hit with a fine for late filing of 2010/2011 returns? If so, is there any way to estimate the amount?
- Do I need to contact the IRS with a "mea culpa" letter or something? Or do I just bite the bullet and send the returns?
- Does anyone know if any deductions from cost of living etc will be applied to any fines?
- Does it show up on UK credit ratings (or in other words, is this something I need to worry about if my husband and I eventually take out a mortgage to buy a house)?

Many thanks in advance for any help...this is a bit of a nightmare and I just want to get compliant before it gets worse. I've also read that you need to have 5 years of tax returns on the record in order to renounce (which I'm considering, what with all the complications with being US tax compliant wherever I happen to be in the world, since I'll be up for UK citizenship in 2015) so at least want to have my options open.

No idea where to begin other than that I need 1040 forms...

just wanted to give this post a bump, as my questions are similar.

cheers!

There would only be a fine if you have actual taxes due. You'll just have to calculate it to see. I would just fill out the returns and send them. It doesn't affect credit or anything.

Thanks guys, I bit the bullet and have just today gotten 2011 and 2012 finished and mailed off. Fortunately I had nothing owed for any of the years as I made less than the $91-95k threshold for each year (so, no interest due either). I also got lucky in that I only needed an FBAR for 2012 and was able to file that on time, so again, no fines or interest due.

I sent the 2010 return off almost a month ago and nothing from the IRS to date. It is a relief to know that I am, as far as I know, back to tax compliance as far as the US is concerned.

Anyone know if the $95K limit is per person? If you're filing jointly, is the limit higher?