With the UK oil and gas market reeling from COVID-19, it’s clear that the decisions made by businesses in this industry as they focus on a recovery in the coming months need to be strategic, measured and informed.
The oil and gas downturn of approximately five years ago where the price of a barrel of oil dropped to less than $30 led to thousands of employees in the sector being made redundant. Those who wished to remain in the sector had to be patient before ultimately securing further employment.
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.
There has been a lot of discussion over the last 12 months about how the changes to Off-Payroll rules will impact the UK Private sector, and I have read with great interest some of the comments and foresight on what IR35 is and what it will mean to the UK contracting workforce.
MPs have blocked a move to delay the introduction of IR35 tax rules to the private sector until 2023.
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.
IR35 reform has been delayed, so what should Oil & Gas companies do now?
At least one North Sea operator is going ahead with a “death knell” tax change affecting self-employed contractors in the oil and gas industry, despite the UK Government postponing its introduction.
As one of the most controversial pieces of legislation affecting the flexible workforce, IR35 is never far from the headlines and there have been campaigns and protests to try and halt the reforms. That has now been successful as Contractors celebrated their success last night.
The UK Government has postponed the introduction of a much criticised tax reform that would have had major implications for North Sea contractors.
Any lingering hopes of a reprieve for North Sea oil workers from an unpopular tax reform were dashed by the Chancellor today.
A House of Lords investigation into upcoming IR35 reforms has been told that additional guidance is needed on employment definitions in the UK.
Oil and gas contractors are set to shun the North Sea sector rather than join supermajors after the introduction off-payroll working (IR35) tax changes next month.
Jake Molloy, RMT Union regional organiser for the north-east of Scotland, last night said he was “not surprised” by the news that contractors are rejecting the PAYE offers by oil firms.
A UK Government review of new tax rules expected to affect thousands of oil and gas workers has been slammed as “recklessly inadequate”.
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.
An Aberdeen MP has called for a u-turn on national tax plans- saying oil workers will be hit hard.
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.
Aberdeen-based consultancy Hunter Adams recently convened 40 senior HR leaders from the oil and gas sector to debate the practicalities around the implementation of the IR35 reforms, due on April 6, 2020.
Addleshaw Goddard is strengthening its Aberdeen team with the appointment of a new legal director.
A tax expert has described the government’s five-week review of incoming IR35 legislation as “nowhere near long enough” to fully consider its complex range of issues.
Following the result of the general election, we can now expect to leave the EU at the end of January, although very little will change on that date as we will move into a transitional period when existing EU rules and trade terms continue to apply in the UK.
A government review has been launched into new tax rules expected to hit thousands of contractors across the oil and gas industry.