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Brexit - The Urgent Need To Be Prepared

Getting Your Business Brexit ready

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As we all know, Brexit will formally exit the European Union on 31st December 2020, and it is vital for Irish businesses to prepare for the changes ahead.

The Department of Enterprise has released a Brexit readiness checklist which we recommend consulting in full to ensure that your business is prepared, and to contact your Local Enterprise Office for information and assistance. We have compiled the main points to consider here.

 

Supply Chain:

If your business trades with Britain, you will need to take steps to reduce the impact of Brexit on your business and your supply chain.

  • Contact your suppliers and logistics carriers in Britain.
  • Look into the charges that may apply to you when your product reaches Britain, even as a stop-off.
  • Discuss with your Local Enterprise Office.
  • Look into the Brexit Loan Scheme to assist with cashflow.

 

Customs:

Following Brexit, you will likely be required to comply with new customs obligations. New declarations for both import and export will be necessary. There are a number of steps which can be taken in advance to limit the impact of this change on your business.

  • Obtain an EORI number if you have not already – This can be obtained via the Revenue website and will be essential for trade with Britain going forward.
  • Decide if you wish to hire an outside customs officer or process customs in-house.
  • It may be necessary to VAT register in the UK.
  • Ensure that you have a ‘Customs Guarantee’ in place. Authorisation for this may be required from Revenue, and this may provide some security against unforeseen costs.
  • Check with your Local Enterprise Office if they provide customs workshops.

 

Duty:

Beginning January 1st, Customs Duty will apply to the import of some goods from Britain. Here are some steps you can take now to prepare.

  • Classify your goods into the appropriate categories.
  • Identify the cost implications customs duty may have on your products.
  • Apply to Revenue for a VAT and Duty deferment, which allows you to defer payment to the 15th of the month.
  • Review contracts with your suppliers and logistics carriers.
  • Assess your accounts department for readiness to deal with these changes and adapt as needed.

 

Certification: 

There may be new certifications and licenses required for trade with the United Kingdom going forward, and it will be important to ensure that you are compliant with EU rules for trade outside of the union. The below are some steps that can be taken to mitigate these issues.

  • Check whether your current licenses and certifications will be valid after the transition period.
  • Check that your product meets all required guidelines for export outside of the EU.

 

Currency Movement:

Since the result of the Brexit vote, Sterling has been somewhat volatile and is expected to remain so for some time, it is important to consider the impact of this weakened currency on your business.

We recommend consulting with the Revenue website and your Local Enterprise Office for information on further steps that can be taken to ensure that your business is Brexit ready. Let’s get all businesses prepared for Brexit and do what we can to start 2021 off on a good foot.

As always, we are available and happy to help should you require any further information or guidance on any business or financial matters.

 

 

Brexit - The Urgent Need To Be Prepared

Brexit – It’s All Customary

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It seems so long ago that one of the largest looming threats to Irish business life was the notion of Brexit and the atmosphere of uncertainty that surrounded not knowing what form Brexit was to take. Obviously with the current Covid-19 emergency there are much bigger threats to Irish businesses, but Brexit remains a very real issue that we need to be aware of.

If your business trades directly with the United Kingdom, there will obviously be some changes to your daily business life which it is important to prepare for. From January 1st, 2021, all goods imported into Ireland from Great Britain will be subject customs processes.

As we have discussed previously, one of the most vital ways to prepare for these changes is to register for an Economic Operator Registration Identification (EORI) number, we recommend completing this step ASAP if you have not done it already. This can be done through Revenue’s MyAccount online system.

Once you have your company’s EORI number you must then decide if all customs work will be completed in-house if you feel competent to do so, and have the required software and access to Revenue’s customs systems. If you are not comfortable with completing customs work yourself, you can engage a customs agent to work on your behalf.

We hope that this information has been of use to you and your business, and as always would like you to know that we are here for you and your company at any time should you have any queries.

The EORI – In Advance of Brexit

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What’s Your Number?

As you will all know, we have spoken many times over the past year about Britain’s exit from the European Union, the term ‘Brexit’ has been utilised so often by so many people over the past few months that it has almost lost all meaning, with various extensions making the exit seem more like a myth than an impending reality. With so much uncertainty surrounding our position in this puzzle it has been quite difficult to predict where we will stand, with a ‘Hard Brexit’ with Irish borders becoming more and more likely as the months go on. There are a couple of things that we do know for certain, by virtue of the rules surrounding the European Union, today we will be focusing on one such change which will directly affect all companies with trade dealings with the United Kingdom.

Following the eventual Brexit, there will be a new requirement for all Irish companies trading with the UK. From October, any company trading with the UK will need an EORI (Economic Operators Registration and Identification) Number in order to trade. This number is a requirement for all traders who import or export goods into or out of the European Union, the number is valid throughout the EU and is used as a reference number for customs authorities within any EU member state. As the United Kingdom will soon exist outside of the boundaries of the European Union, this number will now be a requirement for all Irish companies trading with the UK.

You can obtain your EORI number online via the Revenue website, and there is also an eLearning tool available regarding the EORI numbers on the European Commission website. If you are not already familiar with this system prior to Brexit, we would suggest making full use of these resources in advance so that you understand the requirement and are prepared well in advance of any changes due to Brexit coming into effect.

In order to utilise the Revenue service to set up your new EORI number you will need the following:

  • Revenue Online log in details.
  • A valid Revenue Online Services (ROS) digital certificate.
  • A registration for customs and excise in ROS (if you do not have this, you will need to register for customs and excise before beginning the EORI process.).

The Revenue Online System will then take you through the rest of the process. Should you have any concerns or queries about any business or financial matters, please don’t hesitate to contact us here at EcovisDCA where we are always happy to be of service.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY