Awilco Drilling sinks to £10.6m losses amid disputes with rig builder and HMRC
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.
HMRC
IR35 reforms to go ahead despite scathing Lords report
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 workforce to make up majority of furlough figure as redundancies loom
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.
COVID-19 and the Crown Preference conundrum
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.
House of Lords calls for ‘complete rethink’ of ‘flawed and unfair’ IR35 legislation
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.
UK Government extends eligibility date for coronavirus furlough scheme to help ‘200,000’ workers
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.
UK regime sees Shell pay no taxes on North Sea business in 2019
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.
‘Sleepless nights’ as new Covid-19 self-employment support leaves many North Sea workers in limbo
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.
IR35: Lords investigation told ‘people don’t know where they stand’
A House of Lords investigation into upcoming IR35 reforms has been told that additional guidance is needed on employment definitions in the UK.
‘Time someone said something about the IR35 industrial rip-off’
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.
North Sea contractors risk ‘random’ HMRC tax audit after IR35, top accountant warns
Tighter tax rules after the introduction of IR35 could see North Sea contractors face “random audits”, according to a north-east accountant.
IR35 tax reform – time to get to grips with it
At the heart of the IR35 tax reform is £700 million each year in tax avoidance by personal service companies (PSCs), according to HMRC.
IR35 could be ‘death knell’ for one-man band offshore contractors
A looming tax change may be the “death knell” for many one-man band offshore contractors, a leading north-east accountant has warned.
Aberdeen energy recruitment firm ‘forced into administration’
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.
Awilco challenges £7.7m tax bill from HMRC
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 issues apology for delays to tax relief claims
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.
New Norwegian frontiers
Studies continue to identify northern Norway and the Arctic as a growth area for the Norwegian oil and gas industry.
Clarity needed on decommissioning costs, say MPs
Significant uncertainty remains over the multibillion-pound cost to the taxpayer of decommissioning offshore oil and gas assets, MPs have said.
HMRC launches new Profit Diversion Compliance Facility
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.
North Sea ‘alive and well’ as tax receipts back to black
A huge swing in North Sea oil revenues suggests the sector is "alive and well", an industry chief said.
Offshore firms face £145million bill due to Brexit customs charges
Customs charges due to Brexit could cost the offshore industry £145million this summer and £120million every year thereafter, north-east firms have been warned.
Rise in Scottish exports largely down to upturn in oil and gas sales
Goods exports from Scotland grew by almost a fifth to reach £28 billion, new UK Government figures have revealed.
Promoted: The day the ledger book died
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