Let’s Get Ready…
One of the most popular topics of conversation over the past few months, and certainly something we have touched on multiple times over the long and drawn out course of negotiations is Britain’s Exit from the European Union, more commonly known as ‘Brexit’. Ireland is certain to be the EU member state most directly affected by this change.
Since the impending exit was announced, a series of extensions, questions and near blunders has left many wondering if the exit would in fact ever take place. With a new Prime Minister now in place in the form of Boris Johnson, a set date of October 31st 2019 and the knowledge that business dealings between Ireland and Britain are certain to change with the possibility of hard borders being implemented it is high time to begin considering measures to protect your business if this hasn’t already been considered.
According to the government, there will be a number of contingency measures in place to navigate the complexity of Brexit, but what about what really matters to you, the direct effect of Brexit on your company or business? What measures can be taken to directly safeguard what matters most to you?
- The first method in which you can safeguard your business is ensuring that you are completely up to date on the Brexit situation so that you can stay ahead of these coming changes.
- Crucially, your business may be entitled to access certain loans and schemes to safeguard your company against the negative effects of Brexit. This will be particularly important for SMEs.
- It is vital to assess how your supply chain is connected to the United Kingdom market to offset any disruption in advance.
- Research all suggested changes to importing and exporting from the UK. This will allow you greater insight into how Brexit will affect your company.
- Create awareness of transport changes between Ireland and the UK.
- Ensure that any required certification is up to date for trade with the UK.
- Review current contracts to ensure that no changes need to be made to account for coming changes. It may also be necessary to investigate any potential changes to driving license requirements for driving within the UK.
- There may be some changes to the value of Sterling in the wake of Brexit, so it is recommended to study how this may affect your business to better protect it and ensure that there is enough liquidity to weather the storm.
- It is important to ensure that all staff are informed in advance of all changes and new requirements for trade.
- As we have previously discussed, registering for an EORI number for UK trade is crucial.
- As customs may become a new issue for UK trade, consider hiring a customs agent if you are not in a position to navigate this issue yourself.
These are just a couple of ways in which you can navigate Brexit issues in advance, as well as these, we would recommend studying the government’s booklets on Brexit and complete the Brexit preparedness checklist which can all be accessed here:
Should you have any queries on any business or financial matters do not hesitate to contact us here at EcovisDCA where we are always happy to be of service.