The energy industry has traditionally relied on skilled contractors for project delivery, offering an attractive route for flexible work long before many other sectors realised its benefits. But it now risks being left behind in the post-pandemic competition for talent.
While COVID-19 and Brexit have dominated the agenda for oil and gas businesses in recent times - and rightly so I should add - there is a third issue that this industry is taking just as seriously. I am, of course, referring to IR35 reform in the private sector.
Tighter tax rules after the introduction of IR35 could see North Sea contractors face “random audits”, according to a north-east accountant.
With the festive season over, the start of a new year gives employers an ideal opportunity for a spring clean of their compliance processes and to identify any tax planning opportunities.
Studies continue to identify northern Norway and the Arctic as a growth area for the Norwegian oil and gas industry.