Services
Audit & Assurance
External, internal and joint venture audit services
Business Advisory
Management accounts, strategic planning, profit improvement, ESG
Corporate Finance
M&A advisory, selling a business, fundraising, valuations, due diligence
ESG
Baseline assessments, materiality assessments, carbon footprint and sustainability reporting
Hotel Accounting
Accounting function, automation, daily reconciliations and dashboards, accounts payable
Payroll & Employment
Payroll, global mobility, employee benefits, employment taxes
Private Clients & High Net Worth Individuals
Tax planning & compliance, tax residence and domicile, trust planning
Restructuring & Recovery
Business rescue, liquidations, administrations, insolvency, debt recovery
Tax
Corporate tax, customs duty, VAT, R&D, tax investigations, international tax
Virtual Finance
Bespoke service providing real-time information about your business performance
More from AAB
AAB PEOPLE
Full-service people consultancy – human resources, learning and development
AAB WEALTH
Financial planning, cash flow modelling, retirement planning
AAB Consulting
Business consultancy helping organisations with the challenge of change
Sectors
Business Services
Professional services, medical, recruitment and media
Construction & Property
Property developers, construction companies, housebuilders, landlords
Energy
Renewables, clean energy, energy producers, energy transition, exploration and production
Family Business
Specialist support for businesses owned/managed by families
Food & Drink
Food & drink producers, processors, importers, wholesalers and retailers
Industrial
Engineering, manufacturing, aerospace, automotive, shipping, distribution
Leisure, Retail and Hospitality
Fashion, entertainment, activity centres, hoteliers
Not For Profit
Charities, social housing, higher and further education institutions
Public Sector
Government, non-departmental public bodies, health boards, ALEOS
Technology
Software companies, tech start-ups, cybersecurity firms, and AI innovators.
About
AABout Us
Our story
Our Team
Meet the specialists
Careers
Join the AAB team
Diversity & Inclusion
Building a business where everyone feels they belong
Growing Sustainably - ESG
ESG – Our commitment to building a sustainable business
News
Latest news from across AAB Group
AABIE
AAB charitable initiative
AAB Wealth expands presence in Central Scotland with acquisition of Synergy Financial Planning
Insights
Blogs
Stay informed with cutting-edge news for business growth. Our experts offer industry insights and invaluable advice on accountancy and business strategies.
Case studies
Explore insightful case studies tailored to specific industries, offering invaluable lessons and strategies for success.
Webinars & Events
Engage with dynamic webinars and events tailored to your interests, offering valuable insights and networking opportunities.
ESG Diligence: The Key To Sustainable M&A Transactions
AAB / Blog / Norway – open for business!
BLOG31st Oct 2016
As the North-East of Scotland is aware, the oil and gas industry is experiencing a major downturn, forcing companies to reassess their operations, including looking overseas for opportunities to utilise their knowledge and expertise.
Norway has historically been an attractive place for UK companies to seek opportunities, given its proximity and close ties with the UK business community.
Additionally, Norway announced a reduction in its main corporate tax (CT) rate, from 27% to 25%, with proposals to reduce further to 22% by 2018, thus making it an even more attractive option for undertaking business.
Recent studies have identified key towns Hammerfest and Kirkenes as areas expected to buck the current downward trend in oil and gas. Significant investment and development in these areas, and the Barents Sea as a whole, should lead to future growth opportunities. These areas may provide additional appeal for companies looking to expand into the Norwegian sector.
Many UK companies are unaware that Norwegian reporting obligations, and potential tax liabilities, exist from day 1 of working in Norway. Any UK company performing ‘offshore activities’ on the Norwegian Continental Shelf (NCS), for a period exceeding 30-days in any 12-month period, is deemed to be carrying on business there through a ‘Permanent Establishment’ (PE).
Such companies must submit Norwegian CT returns, declaring profits earned in Norway, and pay any Norwegian CT due. Any UK resident employees performing ‘offshore activities’ on the NCS, are liable to Norwegian income tax on all their remuneration earned for such work; National Insurance obligations must also be considered. Similar obligations can arise where work is performed onshore in Norway.
It is clear that companies can enjoy significant benefits from operating in Norway. By speaking to us early to ensure they comply with the necessary reporting requirements, and build any additional costs into their tender price, companies can achieve peace of mind knowing hard earned profits are not eroded by nasty tax ‘surprises’.
For more information contact Ruth MacNamee, Tax Assistant Manager, ruth.macnamee@aab.uk