Tax Tips Oil & Gas Industry Workers Should Know

tax tips oil and gas industry

Working in the oil and gas industry offers plenty of tax benefits if you know how to take advantage of them. If you’re an offshore employee working on rigs or installations and is paying UK tax, there are ways that you can claim a 100% refund. But you have to meet certain conditions and comply with different requirements.

What are the factors that will affect my eligibility for a full UK tax relief?

  • The relevant double taxation agreement between UK and your country
  • Your residence or country of origin
  • The place of residence of your employer
  • Where the rig or installation is located, whether it is in the UK or non-UK sectors of the North Sea
  • The length of time you spent on the rig annually, preferably under 183 days per tax year

How do I claim oil and gas tax refund?

  • You need to complete a self assessment tax return, especially when relief is under the relevant double taxation agreement between the UK and your country of residence.
  • Send the completed tax forms to the UK tax office along with relevant pages, such as employment pages, HS304, non residence pages, etc. You also need to present other documents, such as the P45 or P60 vouchers given to you by your employer.
  • Make sure you avoid any mistakes in completing the tax forms to prevent delays in your tax refund.

Because oil and gas income tax is complicated, it is best to seek help from tax experts, especially in determining the tax form needed for your particular circumstances, and how to avoid any mistakes in filing a claim. Don’t lost out on your tax refund! Contact info@taxback.co.uk to get what you’re owed.

Photo by Patrick Hendry on Unsplash

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