Aberdeen based Offshore Helicopter Services (OHS) UK is facing an HMRC investigation into its tax affairs with the company potentially liable for £10 million in repayments.
HMRC is actively investigating IR35 compliance in the oil and gas sector. Although it’ll be a little while before we potentially see the outcome of these investigations in the courts, now is the time for energy businesses to review their approach and stress test their solutions so they can be confident should HMRC investigate.
Two hundred and sixty-three million pounds – this was the combined tax bill handed to various government departments for IR35 non-compliance recently.
BP (LON: BP) paid tax on its UK North Sea business in 2021 for the first time in at least six years, according to the company’s latest payments to governments report.
Just Stop Oil activists covered a UK government building in paint on Thursday, claiming it has “blood on its hands” after approving the Jackdaw gas field.
Aberdeen-headquartered Awilco Drilling has appointed insolvency experts for one of its subsidiaries after losing a £6.8 million case against HMRC.
HMRC to go after ‘low hanging fruit’ in oil and gas sector as end of IR35 ‘soft landing’ period looms
Oil and gas firms that are not IR35 compliant could soon be hit with “penalty charges” as the ‘soft landing’ period wraps up.
When HMRC introduced changes to the ‘off-payroll working rules’, commonly known as IR35, in April 2021, it promised the private sector a 12 month ‘soft-landing’.
The “sheer scale of disruption” sparked by changes to IR35 rules have surpassed expectations, an employment expert has said.
Rig owner Awilco said today that a number of positive signs pointed to more drilling work and higher contract values in the North Sea.
Awilco Drilling has been unsuccessful in its appeal against Her Majesty’s Revenue and Customs (HMRC) over a £6.8 million tax bill.
UK government revenues from oil and gas taxes have plummeted by more than 70% due to effects of the recent price crash and decommissioning repayments.
Shell received a refund from the UK Government of around $100 million in 2020, according to new figures.
New changes for decommissioning tax rules will help end “areas of dispute” between the industry and UK government, according to a leading expert.
Shell paid billions of dollars in tax in 2019 to governments around the world. But in four countries, the energy giant got money back.
HMRC has boosted projections by £1.1billion for the amount of tax repayments it expects to give oil firms for North Sea decommissioning.
North and north-east firms are being warned not to ignore letters from HM Revenue and Customs (HMRC) seeking clarification over their applications to the UK Government’s Coronavirus Job Retention Scheme (CJRS).
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.