Are there any tax levers left to pull for the UK oil and gas industry?

Proposals to introduce temporary amendments to the Norwegian upstream tax regime, put to the Norwegian parliament a couple of weeks ago, and included within the Norwegian budget on Tuesday, have added to calls for fiscal change in the UK to support investment in the UKCS and underpin the oilfield services (OFS) supply chain.


Know your tax liability

Norway and Denmark continued to be attractive work locations for UK companies in 2019. Many of those companies are specialists in the traditional sectors of oil and gas but there has been an upsurge in other sectors such as renewables, aquaculture and agriculture.


Tackling taxation issues

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.


Busting the decommissioning tax myths

Decommissioning remains a big consideration for any investor in the UKCS and, indeed, anyone divesting their interests. This is especially the case where the interests in licences which are changing hands are mature assets with a significant number of wells and attendant infrastructure.


Relief from R&D costs

The development of innovative technology solutions has never been more crucial to the oil and gas industry than it is right now.


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.


OPINION: Making tax digital

Harnessing the power of digital for business growth needs to be adopted across the whole of your business in order to grow. That holistic approach needs to start somewhere; could that starting point be your tax function?