HMRC issues apology for delays to tax relief claims
HMRC has apologised for taking up to seven months to process R&D tax relief claims which was alleged to be preventing some UK companies from progressing.
tax
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.
Weighing up the post-Brexit international tax implications
The ambiguity surrounding Brexit is an issue that is affecting many businesses in a variety of ways, and the international tax implications of Brexit should also be considered.
McDonnell pledges his help for industry
Shadow Chancellor John McDonnell yesterday said he would produce a tax regime that supports the oil and gas industry if Labour wins power at a general election.
McDonnell pledges help for industry
Shadow Chancellor John McDonnell yesterday said he would produce a tax regime that supports the oil and gas industry if Labour wins power at a general election.
Stable tax measures are welcomed by oil industry
The oil and gas industry welcomed the chancellor’s announcement on stable tax measures and plans to make Scotland a “global decommissioning hub”.
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?
OPINION: R&D tax relief can fuel growth in renewables
The UK’s renewable energy sector continues to adjust to the post-subsidy environment. The ending of onshore wind farm subsidies in 2016 and the closure of the renewables obligation (RO) mechanism for new solar capacity a year earlier has significantly affected financing within the sector. Earlier this year it was reported that investment into these areas of renewable energy fell by 56 per cent in 2017.
North Sea oil to bring in £1billion in tax this financial year, says Oil and Gas UK
North Sea oil will bring in £1billion in tax to the UK government this financial year, according to Oil and Gas UK.
Trump tax plan a $190billion boost to US oil, study finds
When President Donald Trump gave his State of the Union address Tuesday night, he touted the sweeping U.S. tax overhaul approved by Congress last month. For the country’s oil explorers, the law should mean an almost $200 billion boost in asset values, one consultant says.
£164m tax raid on high earners, but cuts for rest
Scots are facing a double-whammy raid on their wallets after the draft budget proposed income tax rises for higher earners and paved the way for more council tax hikes.
Budget: Tax history reform a ‘positive step forward’, Shell says
Oil major Shell said today called the decision to introduce transferable tax history for the oil and gas sector was a positive step forward.
People earning over £70k could pay more tax under Labour, McDonnel hints
People earning more than £70,000 a year could face being asked to pay more tax under a Labour government, shadow chancellor John McDonnell has hinted.
Look again at North Sea oil tax, urges SNP
The SNP will this week call on the UK Government to consider how the tax regime could be changed to increase competitiveness in the oil and gas industry.
UK Govt launch discussion paper on possible tax relief for late lift North Sea assets
The UK Government has launched a discussion paper on possible North Sea tax relief for late life assets.
Norway buries oil-tax incentives as crude crisis fades
Norway’s government won’t propose any tax incentives for oil companies to boost recovery at aging fields and marginal offshore discoveries before parliamentary elections later this year.
Trump’s 20% import tax may be good for Canadian oil patch
U.S. President Donald Trump’s controversial 20 percent tax on imports from Mexico to pay for a border wall would come as a second gift in less than a week for Canada’s oil patch.
Court sides with Suncor Energy in $1.3billion tax dispute
Suncor Energy will get a $657million payout after a Canadian tax court ruled in its favor.
Australia to look at oil and gas industry in tax review
Australia is targeting the oil and gas industry for a tax review.
Dip in oil tax leads to Norway’s first deficit in 20 years
A dip oil tax revenue has led to Norway’s first budget deficit in 20 years.
Oil and Gas UK says industry is “major contributor” after tax haven claims
The chief executive of Oil and Gas UK said the industry is still a "major tax contributor" after a report claimed some operators had links to tax havens.
North Sea operators accused of link to tax havens
North Sea operators are facing demands to explain alleged links to tax havens, according to reports.
Opinion: What will Brexit really mean for businesses tax-wise?
At this stage, we cannot predict with any certainty the full tax impact arising from the UK’s exit from the EU.
Energy storage would get US tax credits in bipartisan bill
Energy storage would gain access to the same tax incentives that helped make renewable energy the biggest new source of electricity in the U.S. last year under a bill introduced in the Senate.