Bookkeeping and payroll professionals get a hard reminder that the tax year-end is approaching when HMRC issue their annual P9X ‘Tax Codes to Use’ document
The one for tax year 2022/23 was published on 01 February 2022.
The important information for professionals is that there are no changes to procedures that have been followed in previous years. The annual Personal Allowance is frozen at £12,570 which means that the annual Marriage Allowance is also frozen at £1,260. So, as regards increments to tax codes in 2022/23, there are none to be applied.
The below table is confirmation that the annual values of the Personal and Marriage Allowance are unchanged, where tax code suffix M indicates the taxpayer is in receipt of a transferred Marriage Allowance and tax code suffix N indicates that the taxpayer is a transferor. Simply, suffix M is the receiver of additional allowances and suffix N is the giver:
|
Suffix
|
2021/22
|
2022/23
|
Change
|
Change
|
|
|
£
|
£
|
£
|
Points
|
|
L
|
12,570
|
12,570
|
0
|
0
|
|
M
|
13,830
|
13,830
|
0
|
0
|
|
N
|
11,310
|
11,310
|
0
|
0
|
The P9X contains the following sections, though none of this is new or changed information from previous years:
- ‘Get ready for the new tax year starting on 6 April’ (i.e., ensuring you are preparing a payroll record, if relevant, and set up to receive tax code changes)
- ‘What you need to do before 6 April 2022’ (i.e., carrying forward tax codes from one year to another and implementing the latest P9 issued by HMRC)
Even though the P9X does not change any procedures from previous years, it is still a worthwhile document. As such, we recommend that members download and retain this for their records.
