Coronavirus

Insight / Debenhams to close with 12,000 jobs lost

Debenhams is to cease trading, with the loss of some 12,000 jobs, after administrators from FRP Advisory said all other options to save the 242-year-old retailer had been exhausted

Insight / ‘Wet’ pubs offered £1,000 Covid grant

There is to be an additional £1,000 grant for ‘wet-led pubs’ in tiers 2 and 3 who will miss out on business in the run up to Christmas because of the tighter restrictions on opening

Tax / Tesco to pay back £585m Covid business rates relief

Tesco is to repay all of the £585m of business rates relief the company received in respect of the Covid-19 pandemic, saying it was ‘absolutely committed to doing the right thing’

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors - Part 3

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

Insight / Legal updates: December 2020

In this month’s round up, Gateley Legal’s Sophie Brookes examines whether Covid-19 had a ‘material adverse effect’ in Travelport, complexities over ‘no reflective loss’ principle, and updated Companies House guidance on People with Significant Control (PSC) regime

Insight / Deloitte appointed to Arcadia administration

Matt Smith and Dan Butters, together with other restructuring partners at Deloitte, have been appointed as joint administrators to the Arcadia Group Ltd, and various subsidiary companies, as part of a trading administration

Insight / CBILS applications to surge by 84% for winter survival

Government-backed Coronavirus Business Interruption Loan Scheme (CBILS) applications set to soar as business loans dwindle and cash flow dries up, according to MarketFinance

Insight / Retailer Arcadia teetering towards administration

Fears are growing that Arcadia group, which includes high street retailers Topshop, Burton and Dorothy Perkins, will go into administration this week, putting 13,000 jobs at risk

Audit / FRC to look at review standard for interim financial statements

The Financial Reporting Council (FRC) is consulting on proposals to revise its review standard for interim financial statements, to ensure the level of work carried out by auditors reflects wider expectations on going concern

Tax / SEISS update: third self-employed grant now available

As the third Self Employment Income Support Scheme goes live, Croner-i tax writer Stephen Relf ACA CTA unpicks the latest guidance from HMRC, warning of important differences with earlier grants

Insight / Tougher tiered restrictions post-lockdown

England is to return to regional tiered approach to controlling the spread of coronavirus once national lockdown ends next week, with most of the country facing tough measures limiting social and business activity

Tax / Spending review presages tax rises

The stark picture of an emerging ‘economic emergency’ painted by the Chancellor’s spending review has prompted predictions of significant tax rises in the year ahead, and potentially over the lifetime of this Parliament

Tax / Top five questions about furlough and zero-hours workers

Our employment law helpline, BrightAdvice, has received hundreds of calls about how furlough and zero-hours contracts work under the Job Retention Scheme extension. Alan Price, HR expert and CEO at BrightHR, answers five of the most frequently asked questions

Tax / Furlough rush not cause of fraud

The hasty implementation of CJRS may have led to mistakes, but more time would not have eliminated criminal claims, says Blick Rothenberg’s Fiona Fernie

Tax / Spending review: ‘economic emergency’ sees GDP fall 11.3%

In his November spending review, Chancellor Rishi Sunak has emphasised the UK currently faces an ‘economic emergency’, and revealed the economy is set to contract by 11.3%, the largest fall in over 300 years
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