Tax and National Insurance for Oil and Gas Workers – TaxBack

from the blog.

Tax and National Insurance for Oil and Gas Workers

Gas & Oil

Are you employed in the oil and gas industry?

It is important that you are aware of the rules of tax and National Insurance (NI) in your sector to ensure you don’t overpay tax or that you don’t get in trouble with HM & Revenue Customs.

But how your tax and NI is treated, depends on several
factors:

  • Where you work
  • Whether or not you are a UK resident
  • Whether your domicile country has a Double Taxation Agreement
    (DTA) with the UK

UK Resident Oil & Gas Workers

If you are a UK resident working in oil and gas field, or in offshore installations in the UK or designated areas in the UK
Sector of the Continental Shelf, you are expected to pay the usual tax and NI. But you may be eligible for NI exemptions on expenses, if your employer or someone else pays for your travel and accommodation expenses, during your stay on the mainland to the departure point.

Double Taxation Agreement

If you are a resident in a country that has DTAs with the UK, then your tax is treated based on the terms of the agreement. If you work for an employer based overseas or you worked outside of the UK long enough, you may be exempted from UK tax under certain DTAs.

As for NI, you may or may not have to pay for it based on a number of factors, and whether or not the UK has a Social Security Agreement with the country you live in.

To avoid mistakes or problems in the future, refer to tax experts who can help you in your specific situation.

Apply for your Oil & Gas worker tax refund now.



Related Posts

Are We Really in a Housing Market ‘boom’?

The challenges of 2020 have shone a spotlight on the nation’s home life in a way that few could have predicted and a seemingly resilient factor in the ongoing fear and uncertainty wrought by the Covid-19 pandemic has been the...

Greater Employment Opportunities by Spending Your Tax Refund Wisely

If you’ve been living in the UK and owed a tax rebate, you could use it to extend your skills and become a dream employee. Spending Your Tax Refund Wisely will mean more cash back in your pocket at the...

Covid-19: Income Support for Self-Employed Launches

Covid-19 is not only a health crisis for self-employed launches but also a pressing employment crisis. The HMRC has begun to contact over 3 million taxpayers who could be qualifying for the Self-Employment Income Support Scheme (SEISS) of the government...

Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »