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