Exploration & Production: Case Study 4

Background

We were approached by an established E&P operator with assets and interests in throughout Europe and Africa to assist them with their financial reporting obligations and corporation tax compliance together with other tax issues. We effectively became the group’s in-house tax function to guide them in all aspects of taxation, both UK and overseas. We played a key role in getting their financial statements signed off, have prepared their corporation tax returns. We are assisting them in developing a wider tax strategy for the group as a whole, whilst at the same time regularising historic issues and weaknesses with internal policies and procedures.

Our Approach

  • Undertook a data gathering exercise across the group and with other external advisors
  • Prepared corporation tax and deferred tax provisions for inclusion in the group financial statements
  • Dealt with all queries from auditors and stepped-in to fill gaps in our client’s knowledge
  • Liaised effectively with overseas employees and advisors
  • Developed procedures and policies in partnership with our client

 

The Benefits to the Client

  • We help them by improving the relationship with the operator through "talking the same language"
  • We give peace of mind by reporting on the 5th of every month
  • We support the company by managing all indirect tax compliance, billing for secondments and leading UK Joint Venture Audits on their behalf
  • We helped them from an early stage to fill their knowledge gaps and research historic issues
  • We supported them by liaising with internal and external resources
  • Working in partnership with our client, we proactively planned ahead , tackling challenges head on whilst removing risks and issues

 

The Plus Factor in Action

  • We helped our client make money by fulfilling the role of an in-house tax team
  • We saved our client time by liaising with others on their behalf
  • We gave our client peace of mind by taking care of their tax obligations
  • We supported our client now and in future by dealing with pressing current issues and putting procedures and processes in place for the future

 

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