Oil and Gas Contractor

The price per barrel of Crude Oil is currently around $110 per barrel (February 2011), predictions are that by 2020 it will rise to $350 per barrel! These predictions are based on the fact the Oil and Gas industry cannot keep up with worldwide demand and as a direct result the industry is rich with opportunities for oil and gas contractors.

Advantages of being an Oil and Gas Contractor

  • Higher rates of pay - This is only fair as unlike permanent employees, contractors do not get holiday or sick pay, giving you a greater chance to negotiate a higher rate of pay.
  • Prospects - There is an endless supply of contracts, as demand for oil and gas is struggling to be met.
  • Richer skill set - The more contracts you take on the greater your practical and managerial skills. Giving you a wider choice of projects and the ability to charge higher daily rates.
  • Freedom - You can choose which contracts you take on and the length of time your contract is.
  • The chance to be your own boss – You are the specialist in the oil and gas sector putting a new spin on the client contractor relationship.  
  • Experience - The more contracts you take on the greater your practical and managerial skills. Giving you a wider choice of projects and the ability to charge higher daily rates as an oil and gas contractor.
  • ‘Bonhomie’ among the colleagues – If you take a contract on a oil rig, you tend to see the same faces every day and they soon become your extended family. You can bank on them for all your needs.
  • Lower Taxes - Any accountant will tell you that trading through your own Limited Company is the most tax efficient way possible. This only to be expected after all as a contractor you do not get sick pay, holiday pay, and have to manage your own tax affairs. However any good accountant will be able to remove most of the burden and you shouldn’t need to allow more than 15 – 20 minutes a month for Ltd company administration.

The Freelance World of the Oil and Gas industry

With the recent announcement (April 2011) of significant growth in activity within the UK’s Oil & Gas industry there will be a need to find more than 15,000 experienced workers to be add to the UK's talent pool. The majority of these positions will be based in Scotland, with the largest oil and gas fields being in Aberdeen.

As a freelancer in this industry you can demand daily rates of £300 to £2,000 a day based on experience, and a recent Hays report shows an average daily rate of £800.

With such high daily rates, and an influx of positions a move into the Freelance World of Oil and Gas seems very attractive.

The most obvious way to find a Freelance position in Scotland is to use a recruitment agency. 

At SJD we provide all our clients with pro-active tax advice and accountancy services all backed-up by Our Customer Promise. We are the UK's largest specialist accountants for contractors with over 15,000 contractor clients, all of whom work through their own Limited company. 

We offer all clients:

  • Unlimited face to face meetings. Tax is complicated which is why we offer everyone face to face meetings across the UK.
  • Our Customer Promise. Respond to any question sent to your accountant or any dedicated department within 24 hours.  If we need more time, we will update you as soon as we can and we promise to keep you informed of the progress we are making in answering your question.
  • Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market.  

All this for a fixed fee starting from £120 plus VAT per month. Check our packages for more detail.

As mentioned we provide an all inclusive service which includes: 

  • Year-end accounts*
  • Corporation tax
  • Payroll bureau
  • Dividend administration
  • Dealing with HM Revenue and Customs and Companies House
  • Quarterly VAT Calculations 
  • Support with Annual Returns
  • Personal Taxation
  • Access to your own dedicated accountant* for all help and advice
  • Free bookkeeping software

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!

You’ll also be pleased to know that we have won more awards for customer service and accounting excellence than any other firm in our market including: Accountancy Age Awards, Best Accountant for Contractors six years running and Best Companies Awards to name just a few. 

We are also deemed IPSE Accredited Accountants and have more qualified staff than any other specialist firm with qualifications covering: ATT, AAT, CTA, ACCA, CA, ACA and FCCA.

With an on-line Company formation facility we have a lot of experience in forming and dealing with newly formed Companies and will be happy to assist and guide new clients in all aspects of the administration and accounting requirements for their new company.

If you are thinking of contracting through your own company, read our new straightforward guide on How to Contract through your own Limited Company. You'll be surprised how little time it takes and just how easy it is.

If you have any questions about contracting or would like any further advice please call our New Business Team on 01442 275789 or email newbusiness@sjdaccountancy.com.