Oil industry welcomes new UK government ahead of sector deal and IR35 changes
The oil and gas industry has welcomed the new UK government as it looks ahead to a “transformational” sector deal and braces for tax changes for thousands of contractors.
IR35
IR35: Some key questions answered
The UK government's draft legislation for the Finance Bill 2019 spells out HMRC's plans to extend IR35 compliance obligations to end users in the private sector. Since its publication, familiarity and anxiety with IR35, also known as the 'off-payroll working rules', has escalated rapidly. Matthew Sharp, tax specialist at Fieldfisher, answers some of the questions that have emerged from greater awareness of the proposed legislation.
Tension as North Sea firms grapple with IR35 rules
Tensions over new tax changes to offshore contractors arose yesterday as Cnooc International became one of the first North Sea firms to roll out its new off-payroll working rules.
Are you ready for IR35 – the new rules of ‘the game’?
Based on the current approach the answer is no. Throw in a deferred budget and an election to make it extra interesting and confusing.
Treasury ‘committed’ to April IR35 changes despite election and delayed budget
The Treasury has said it “remains committed” to changes to contractor pay rules by April, despite a delayed budget and the upcoming general election.
IR35 changes: What you need to know
The eagerly awaited IR35 off-payroll draft legislation was published by the UK Government in mid-July, extending the public sector IR35 changes to large and medium-sized businesses in the private sector.
Draft plans for IR35 contractor changes raise concern for North Sea talent pool
Concern has been raised over the cost to businesses and the potential shrinking of the North Sea workforce over plans to change contractor pay rules.
Thousands back campaign to stop IR35 contractor pay changes
More than 16,000 people have backed a campaign to stop changes to contractor pay rules which will widely impact the North Sea energy sector.
Firms urged to assess risk exposure to IR35 changes
A fundamental shake up of the tax rules applying to contractors has the potential to cause increased costs and risks to the oil and gas industry.
One in 10 firms to offer contractors full-time posts in response to IR35
The new AGCC report revealed that one in 10 firms will look to convert contractors into full-time employees in response to new legislation relating to off-payroll working rules.
Two-fifths of manufacturers relying on ‘gut feel’ to gauge IR35 risk
More than two-fifths (43%) of manufacturing, utilities and oil firms are relying on “gut feel” to gauge their exposure to new off-payroll working rules, a poll shows.
KPMG urges the oil and gas industry to plan ahead for changes to IR35
In the Chancellor’s most recent Autumn Budget the UK government confirmed plans to reform the IR35 tax legislation for the private sector.
IR35: The clock is ticking down
Employment law can be complex and the energy sector is not immune from the confusion that surrounds IR35.
IR35: An ‘attack’ on self-employment
In 1999, the Revenue decided to change the contracting landscape with the introduction of IR35, an anti-avoidance tax legislation. The legislation originally imposed a series of tests to verify whether the worker could be classified as self-employed or not. Qualifying questions included “could they replace themselves if they were unable to go to work”, and “how many companies do they contract with each year” in order to establish their true status.
Energy industry must get ready for IR35 reforms
In April 2020 the Government’s IR35 payroll reforms will come into effect in the private sector, putting the responsibility firmly on larger employers for PAYE and NICs in respect of contractors engaged via an intermediary.
IR35: Doing nothing is not an option
Contractors who work through Personal Service Companies (PSCs) and contract to private sector businesses will see contracts brought under tighter scrutiny through Private Sector IR35 changes likely to be implemented in April 2020.
Contractor pay changes could retain North Sea skills, say AGCC
Incoming changes to contractor rules could help retain skilled workers in the North Sea, the Aberdeen and Grampian Chamber of Commerce (AGCC) has said.
IR35 – The time is now for employers in the oil and gas sector
With the North Sea in the midst of a resurgence, there’s a slight temptation for some in our sector to forget a few of the smaller things that are going on. But the recent UK budget saw a call-to-action for the oil industry.
Off-payroll rule changes to ‘acutely impact’ North Sea oil sector, tax expert says
Changes to off-payroll working rules will “acutely impact” the North Sea oil and gas sector, a tax expert has warned.
Company’s launch to address changes in IR35 legislation
A new company has been launched in Aberdeen this month in response to the widely expected changes in IR35 legislation for contractors in the private sector.
New platform for rise of North Sea freelancers, disguised employees to ‘disappear’
A freelance contractor has said it is “right” the disguised employee model will “disappear” from the North Sea, thanks to incoming legislation.
Oil sector to ‘feel the heat’ over changes to contractor pay rules, says tax expert
The oil and gas sector is bracing for the “extensive impact” of changes to off-payroll working rules announced in the chancellor’s budget, according to a tax expert.
Change to off-payroll working to impact North Sea firms
The chancellor announced a change to off-payroll working rules in yesterday's budget for the private sector, which could have wide implications for the oil and gas industry.