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.