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In today's major U-turn, HMRC declared that it will retract its current guidelines on the tax treatment of Dual Cab Pick-Ups (DCPUs). As a result, DCPUs will maintain their classification as commercial vehicles instead of personal cars, preserving the longstanding tax advantages for businesses and individuals.The government has taken into account the feedback from the agricultural and automotive sectors regarding the potential effects of altering the tax regulations. It has recognized that the guidance issued following the 2020 court ruling might affect businesses and individuals in ways that do not align with its broader objectives of supporting key industries, including those in motoring and farming.

HMRC has increased its efforts against cryptocurrency investors as the crypto market has seen a huge surge in prices over the last year. Bitcoin has gone up by more than 150% in the past year. Crypto investors might get a letter from HMRC requesting them to submit documents that show their crypto transactions and earnings from their crypto assets.

The government announced that two existing R&D schemes will be combined, with the purpose of simplifying the incentive and preventing it from abuse. The new merged scheme will cover both, - the existing incentive for small and medium-sized enterprises (SMEs) and the research and development expenditure credit (RDEC) for larger businesses. Accountants will keep playing a crucial role in making sure their clients are informed of the changes and helping them to prepare.

HMRC is focusing on undeclared dividends via reaching out to company owners, asking to declare dividend income. Company owners now have to either disclose any previously undeclared dividends or inform HMRC if nothing to be declared.