Common Roles for Oil, Gas and Renewable Energy Consultants
With the changing energy landscape focusing on using traditional oil & gas skills for things like offshore wind growth, hydrogen and carbon capture projects, this is increasing opportunities for energy contractors.
Here are a few examples of the type of roles suitable for consultants working in oil & gas and renewable energy:
Oil & Gas
Oil and gas contractors are often hired by organisations for the following roles:
- Project engineers
- HSE consultants
- Commissioning engineers
Renewable Energy
With investment in clean energy growing, this is creating demand for specialist contractors able to put their skills to good use across renewable energy projects – in particular offshore wind and solar developments.
These roles include:
- Offshore wind consultants
- Grid connection engineers
- Sustainability consultants
- Renewable energy consultants
Energy Transition
Professionals with experience in both traditional energy and emerging technologies are needed to support the UK’s energy transition.
Examples of contract opportunities include:
- Hydrogen project specialists
- Carbon capture consultants
- Decarbonisation advisors
- Energy transition consultants
Permanent Employment: Pros and Cons
Pros
- Stable salary
- Pension
- Holiday pay
- Sick pay
- Training paid for by employer
Cons
- Less flexibility
- Lower earning potential
- Fixed location
- Less control over career progression and projects
Contracting: Pros and Cons
Pros
- Higher day rates
- Greater flexibility
- More variety of projects
- Opportunity to specialise
- Able to take advantage of tax planning
Cons
- Having to find contracts regularly
- Additional administration
- No paid holiday or sick days
- Fluctuations in income
Comparing Permanent vs Contract Roles
| Permanent | Contract |
|---|---|
| Fixed salary | Higher day rate |
| Holiday pay | No paid leave |
| Pension | Self-managed pension |
| PAYE tax | Limited company or umbrella |
| Long-term role | Project-based work |
| Lower admin | Greater responsibility |
Should I Set Up a Limited Company?
The answer to this will depend on several factors based around your lifestyle and career goals, as there are a few different company structures to choose from.
Limited Company
Contracting through a limited company is an ideal route for those who are in it for the long term, expect to earn over £50,000 per year and are happy to take on the additional admin and responsibilities that come with it.
Many engineering contractors choose this route because:
- Your business is seen as a completely separate entity with its own identity and bank account – this means that should your business face financial difficulties, you wouldn’t be at risk of losing your personal possessions and assets.
- You’ll have more tax benefits.
- You can claim back on a much wider range of expenses.
- You will have complete control over the direction of your business and career.
Our Setting Up a Limited Company as a Sustainability Consultant page will provide further information on this.
Sole Trader
A sole trader runs their own business as an individual, but unlike a limited company contractor, a sole trader will be personally liable for any losses incurred.
It is, however, the best option for those who expect to earn less than £50,000 per year as it’s unlikely a limited company would benefit you when you take administrative costs into account.
If this is the best contracting option for you, then you might find our How to Set Up as a Sole Trader page useful.
Umbrella Company
An umbrella company employs a temporary worker on behalf of an employment agency; the agency will then provide the services of the worker to their clients – it is effectively the ‘middleman’ between an umbrella company and their client.
As an umbrella company contractor, you will have the freedom and flexibility that comes with being self-employed combined with some employee benefits too, such as annual leave and not having to file your own taxes.
You won’t, however, be entitled to certain self-employed benefits, such as business expenses.
The umbrella route is best for those who earn under £50,000 per year and who don’t want too much admin and responsibility.
Take a look at our What is an Umbrella Company? page for further information.
How Can an Accountant Help?
Here are just a few examples of what a good accountant can do for you:
- Ensure you’re filling tax forms correctly and on time – while it’s possible to do your own accounts, this is only recommended if you have a good understanding of UK tax laws. If you make a mistake, there’s a chance HMRC could reject a tax form or even suspect foul play and investigate your finances. A good accountant can take care of all this, saving you the stress of doing it yourself.
- Help to save you time and money – an accountant can take care of your accounts, leaving you to spend more time on the running of your business. Their expert knowledge and advice can also help to minimise your tax bill each year.
- Support the growth of your business – an accountant can provide guidance using their own expertise and experience, which can help your business to grow and succeed further.
To help you choose an accountant, take a read of our How to Find a Good Accountant page.
Whether you’re working in oil & gas, offshore wind, hydrogen or another area of the energy sector, our specialist accountants can help you to set up a limited company.
We provide everything you need, all for a fixed fee with no hidden costs or switching accountants every few months.
If you have any further questions, our team of experts are available to answer any queries, so give us a call on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com. Alternatively, contact us via live chat.
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