OT02001 - Oil Industry Accounting: Introduction

In considering both corporation tax returns and computations and petroleum revenue tax expenditure claims etc it is appropriate to have a full and proper understanding of the accounting practices and systems which have produced the figures presented.

This section aims to give some basic information and guidance on a number of aspects of oil industry accounting. However, the content is necessarily generalised and limited. More detailed sources include the appropriate section of the LBS Oil & Gas Library.

Tax specialists may encounter matters which, although they involve an oil exploration and production company, may, in principle, involve companies engaged in other commercial and/or industrial activities. Such matters may be covered by guidance in other HMRC manuals.

Detailed guidance on specific problems with an accounting aspect may be obtained from the appropriate HMRC accountant.