With the Scottish Independence Referedum looming, the prospect of Scotland breaking away from the rest of Britain to become an independent country is becoming ever more real.
For a number of years now Scotland has been divided into 3 camps, Yes, No and undecided but it would seem that other UK citizens have only recently started to really think about it.
If the people of Scotland do vote in favour of independence it will undoubtedly impact the rest of the UK but will it be for better or for worse?
On the plus side for the Scots they will see a £5.5billion improvement in their fiscal balance as quickly as 2016/17 through not having to service existing debt. That in fact is twice as much as the contribution from North Sea tax revenues in that year, which was put at £2.7bn.
Those in favour of a Yes vote say that Scottish taxes should no longer go towards funding debt, welfare and projects elsewhere. They argue that a disapropotionate amount of the UK tax pot in spent in England on items such as the London Cross Rail (£1.6billion) and the London super sewage system (£500million). Would you pay for your neighbour's new conservatory just to improve their home? Probably not, unless they paid for your roof...
The Scots argue that they should no longer be ruled by a government that only a small minority of it's citizens voted for. If Scotland, a country which historically has never and predictably will never vote Tory, is taken out of the equation then it is almost inevitable that the Tories will prosper in the next UK general election as the proportion of their share of the vote would increase once Scotland is excluded.
Our recent poll showed that the general consensus was that the Conservative party have better policies than Labour when it comes to small businesses.
So with a stronger government in favour of boosting economy instead of enhancing benefits will Scottish Independence be better or worse for the rest of the UK even with the loss of their tax input?
Yes/No/Indifferent. Reveal Result
At Accounts and Legal we understand that your personal tax affairs are equally as important to you as your country's major decisions and that is why our accountants are always abreast of what's best for small businesses.
As an Accounts and Legal client not only would you benefit from efficent tax advice and filing you will also be part of an ever growing network of small business owners who understand that accountancy can be very valuable to business.
By regularly updating our clients with the latest from HMRC and 10 Downing St we are actively ensuring that we couple expert accountancy with the most modern schemes which will almost certainly save you money on tax which you can spend on business development.
Sound good? Well wherever you are in the UK or the rest of the world we have an accounting package for you. From writing a business plan and opening a UK business bank account to filing your corporation tax and VAT returns we can do it all and then some.
Get a price for the services you need online now or if you would rather chat to us in the first instance then give us a call to see how we can help you.
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Getting help with your books does not need to be an expensive luxury. Our accounting consultants are set up to offer good value support, so you can spend more time growing your business.
We’ve put together some articles which help address some of the key accounting questions our clients often ask us.