Tax - Crystal Ball - Positive Accountants

Tax, Hung Parliament and Crystal Balls Part 2


The Positive Blog

Well that was a surprise!

I obviously wasn’t rubbing my crystal ball hard enough! Further to my last blog about how big majorities can mean big changes in tax, lo and behold, when I woke up this morning and switched on the TV we have a hung parliament.

So, considering that I was talking so much about a large majority and that this could entail massive changes from the tax point of view, now that the exact result is known, what could all this mean?

Well if you follow the examples I was using in my previous blog ‘Part 1’, we have a problem.

If there is no majority, or one that is potentially even worse than before there is very little prospect of any massive changes happening with regards to the way that the country is run. Which means that the problems over the past few years – the deficiency in the amount of tax that we collect carries on and it is likely that any major proposed changes will not get voted through.

This situation leaves us in quite a dilemma; the country is split pretty much down the middle. If you look at the percentage of votes cast for each party instead of the actual seats won, the conservatives and labour are only a couple of percent difference. It could get messy! If the tax system was a shambles before the election it is not going to get any better anytime soon.

Given the weakened state of Mrs May’s grasp on no. 10, what of the possibility of Boris Johnson and Donald Trump meeting as our country’s leaders? What would have been the odds on that 18 months ago?

If you are asking yourself:

“Why not?”
“Why not me?
“Why not now?”
The answer is “no reason whatsoever”, so, talk to me and let’s change your business for the better.

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