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Hello, I’m Sara, a Chartered Accountant who transitioned into running an online business. I understand just how daunting and confusing it can be to take the leap into self-employment. The questions, the uncertainties, and the steep learning curve are all challenges I’ve faced myself. Whether you’re in the early stages of planning to go self-employed, just dipping your toes into making money on your own terms, or already fully committed, this blog is dedicated to helping you every step of the way. Through detailed guides, expert tips, and practical advice, I aim to be your go-to resource. From mastering financial management and navigating tax obligations to setting up the foundations of your business, I’m here to provide you with the clarity and confidence you need to thrive in your self-employment journey.
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Self-Employed Tax Explained
What is a P9?
A P9 is a notice issued by HMRC to inform an employer of a change in an employee’s tax code. There are two types of P9 coding notices: P9T and P9X.
P9T
The P9T coding notice is issued for changes to an individual employee's tax code. Common reasons for receiving a P9T include:
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Claiming the marriage allowance tax rebate or other taxable state benefits.
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Needing to pay the £50,000 high-income tax charge.
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Being self-employed and wishing to pay any owed tax through your PAYE tax code.
P9X
The P9X coding notice is used for changes to the tax codes of multiple employees, typically at the start of the new tax year.
Once a change is made, the employee’s payslip will reflect the updated tax code.
P9 vs. P6
A P6 notice includes details of an employee’s previous tax and pay information, along with their tax code, whereas a P9 is specifically concerned with changes to tax codes.