New UK Government measures to support the self-employed will cause “sleepless nights” for those North Sea workers who have been left in limbo, according to industry experts.
A House of Lords investigation into upcoming IR35 reforms has been told that additional guidance is needed on employment definitions in the UK.
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.
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.
An Aberdeen energy recruitment firm has announced it has been forced into administration after it was unable to recover fees due from a major client.
Rig contractor Awilco Drilling said today that it had appealed against the UK taxman’s decision to slap it with a £7.7 million bill.
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.
Studies continue to identify northern Norway and the Arctic as a growth area for the Norwegian oil and gas industry.
Significant uncertainty remains over the multibillion-pound cost to the taxpayer of decommissioning offshore oil and gas assets, MPs have said.
On 10 January 2019, HMRC launched a new Profit Diversion Compliance Facility (PDCF) aimed at multinational enterprises who have used cross-border arrangements that HMRC considers may result in an artificial reduction in UK profits, including arrangements targeted by the Diverted Profits Tax (DPT) legislation.
A huge swing in North Sea oil revenues suggests the sector is "alive and well", an industry chief said.
Customs charges due to Brexit could cost the offshore industry £145million this summer and £120million every year thereafter, north-east firms have been warned.
Goods exports from Scotland grew by almost a fifth to reach £28 billion, new UK Government figures have revealed.
Some businesses may have won a delay in the Spring Budget, but others now must embrace technology or face the wrath of the tax man, writes Susie Walker