Compliance

We can offer either a complete compliance service for Corporation Tax (CT), Supplementary Charge (SC) and Petroleum Revenue Tax (PRT), where we prepare and file the tax computations and returns on behalf of our clients serving as their outsourced tax department; a service where we prepare the draft returns for client review and submission; or a review of returns prepared by the client prior to submission.

We can also provide ad hoc advice in respect of a particular area of a tax return.

Tax Compliance advice

Image courtesy of IGas Energy Plc

We can prepare and file stamp duty, Stamp Duty Land Tax (SDLT) and Land and Buildings Transaction Tax (LBTT) returns, and while we are happy to review VAT returns prior to submission we would not normally prepare these returns as we believe this is better done by the client.

We also prepare and review tax provision figures including the notes for inclusion in the accounts of companies operating under both UK GAAP and IFRS.

We currently undertake the preparation and submission of half yearly PRT returns for over 20 fields, including some where the participator is the operator using both our own internal package and commercial software.

 

cw-energy-tax-compliance-services-oil-and-gas-sector

Image courtesy of IGas Energy Plc

We prepare over 120 CT and SC returns a year, the majority of which we also file online on behalf of our clients. We can undertake the tagging of statutory accounts into iXBRL format as part of this process or as a separate exercise. We also review a number of CT and SC returns prepared by clients. In addition, we prepare tax provision numbers for over 20 of our client groups.

We will typically advise clients on instalment payment obligations as they become due and provide assistance in satisfying senior accounting officer (SAO) obligations if necessary.

In addition, we can review reporting obligations under EITI, EU Directive and Reporting Payments to Governments, tax strategy, or country by country reporting which are relatively new to the UK and either have already been introduced or are currently being implemented.

 

We specialise in Compliance services in the following areas:

Corporation Tax Compliance Services
We offer a range of corporation tax compliance services in many cases serving as an outsourced tax department for our clients.

We also offer an independent third party review of computations already prepared or provide ad hoc assistance as and when issues arise, ensuring that the tax returns are not only technically correct but also reflect any tax-saving opportunities, in the following areas:

  • Corporation tax returns
  • Corporation tax payments
  • Corporation tax provisions (accounting) including statutory accounts’ disclosure

We can also provide assistance with the following:

  • Conversion of the statutory accounts to iXBRL
  • The Senior Accounting Officer obligations
  • Extractive Industries Transparency Initiative (EITI)
  • EU Directive and Reporting Payments to Governments
  • To formulate and review tax strategy
  • Country by country reporting obligations under BEPS
Supplementary Charge Compliance Services
Our compliance services in respect of SC largely mirror and are done in conjunction with those for Corporation Tax (CT).

Our advisory services in the area of SC include advice on:

  • Field and Investment Allowances and how to make best use of these
  • Maximising relief for decommissioning costs
  • Finance planning including the impact of FX gains and losses
PRT Compliance Services

We offer PRT compliance services, either as a contractor preparing returns for the company or, for many clients, serving as an outsourced tax department.

We also provide an independent third party review service and ad hoc assistance, ensuring that the company’s PRT tax returns are not only technically correct. In addition, we advise on the following:

  • PRT loss planning opportunities
  • Claims for PRT returns (loss carry back, expenditure claims, unrelieved field losses etc)
  • Decommissioning loss carry back for PRT purposes
  • Accounting for PRT

We also offer compliance services in:

  • Instalment payments for Corporation Tax (CT) and Supplementary Charge (SC)
  • Tax accounting for Corporation Tax (CT)and Supplementary Charge (SC)
  • Tax accounting for PRT
  • Assistance with the conversion of the statutory accounts into iXBRL
  • Assistance with the Senior Accounting Officer filing obligations
  • Assistance with other reporting obligations under additional transparency initiatives (such as EITI, EU Directive and Reporting Payments to Governments, country by country reporting and tax strategy)
  • We can also assist with VAT compliance obligations

For an initial conversation contact any member of our professional staff. For details see our Contact page.


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