Awilco Drilling has sunk to losses of £10.6million in the first half of 2020 amid separate disputes with rig builder Keppel Fels and HMRC.
The UK Government is pressing ahead with delayed changes to off-payroll working rules, known as IR35, despite peers having urged it to “completely rethink” its plans.
North Sea oil industry workers are anticipated to make up the lion’s share of those using the furlough scheme within the UK energy sector.
The UK government has in the past month or so adopted a number of extraordinary measures designed to support UK businesses throughout the COVID-19 storm.
A House of Lords committee has called on the government to “completely rethink” a controversial tax reform which will have sweeping implications for North Sea contractors.
The UK Government has extended the cut-off date for workers to be eligible for its coronavirus jobs retention scheme, expected to benefit 200,000 people.
Energy giant Shell paid no taxes on its upstream oil and gas business to the UK government last year, instead receiving large rebates, according to a new report.
New UK Government measures to support the self-employed will cause “sleepless nights” for those North Sea workers who have been left in limbo, according to industry experts.
A House of Lords investigation into upcoming IR35 reforms has been told that additional guidance is needed on employment definitions in the UK.
Energy Voice has been running regular articles about the pending HMRC changes that will see the current IR35 arrangement altered to prevent, we are told, tax avoidance.
Tighter tax rules after the introduction of IR35 could see North Sea contractors face “random audits”, according to a north-east accountant.
At the heart of the IR35 tax reform is £700 million each year in tax avoidance by personal service companies (PSCs), according to HMRC.
A looming tax change may be the “death knell” for many one-man band offshore contractors, a leading north-east accountant has warned.
An Aberdeen energy recruitment firm has announced it has been forced into administration after it was unable to recover fees due from a major client.
Rig contractor Awilco Drilling said today that it had appealed against the UK taxman’s decision to slap it with a £7.7 million bill.
HMRC has apologised for taking up to seven months to process R&D tax relief claims which was alleged to be preventing some UK companies from progressing.
Studies continue to identify northern Norway and the Arctic as a growth area for the Norwegian oil and gas industry.
Significant uncertainty remains over the multibillion-pound cost to the taxpayer of decommissioning offshore oil and gas assets, MPs have said.
On 10 January 2019, HMRC launched a new Profit Diversion Compliance Facility (PDCF) aimed at multinational enterprises who have used cross-border arrangements that HMRC considers may result in an artificial reduction in UK profits, including arrangements targeted by the Diverted Profits Tax (DPT) legislation.
A huge swing in North Sea oil revenues suggests the sector is "alive and well", an industry chief said.
Customs charges due to Brexit could cost the offshore industry £145million this summer and £120million every year thereafter, north-east firms have been warned.
Goods exports from Scotland grew by almost a fifth to reach £28 billion, new UK Government figures have revealed.
Some businesses may have won a delay in the Spring Budget, but others now must embrace technology or face the wrath of the tax man, writes Susie Walker