As a true British citizen – I am 25% English, 25% Scottish, 25% Welsh and 25% Irish, (but with a definite leading towards the Welsh part where rugby is concerned!) – I watched the recent Scottish referendum with considerable interest.
Along with many others my reaction was one of relief that the UK is to stay united, and as a resident of England, the country to which I owe a certain amount of allegiance (apart from where rugby is concerned!) will be getting a stronger say in its own affairs.
But as a businessman what should my reaction be?
The immediate feeling is that we can resume our business lives without any change.
But is that totally valid?
The reality of the situation is that, like any other change, the grant of further powers to Scotland, and thereafter probably to Ireland and Wales, will give rise to both threats and opportunities for every business.
If you currently sell your products or services in Scotland, Wales and Northern Ireland, you can expect regulatory changes which will affect your ability to deliver those goods or services. With their own tax raising powers, you can anticipate that you will have to make different tax returns depending on where in the country you are selling; to all intents and purposes you will be doing business in a number of different tax regimes and will have to administer and report VAT and PAYE accordingly.
At first sight, therefore, these changes will appear to be nothing more than a pain in the proverbial for a small business to cope with. However, wherever there is additional bureaucracy there is the opportunity for businesses to make money out of it, and the average small business is much better placed to react to changing circumstances than is their big corporate competitor.
I am eternally optimistic about the ability of small businesses to be quick on their feet, and I strongly suggest that we should be looking for the opportunities that these changes represent, rather than purely bemoaning the downside.
The glass is, after all, half full! – well it should be!
