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 an understanding of the accounting practices 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. 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.