Brexit is currently expected to happen on 1st January 2021. This will have lots of implications and difficulties for businesses, especially those doing trade with the UK.
The following points are useful information for preparing your business for Brexit:
Cashflow: Have you assessed the cashflow implications of having to pay import duties (Customs duty, VAT and Excise) in respect of goods imported from the UK?
Supply Chain: You need to know where your goods originate (goods that come from the UK may not originate in the UK), their value, customs classification code and invoicing currency.
Customs: If Great Britain leaves the EU, another complex thing between the UK and Ireland will be customs. It is important to ask yourself: Will I do the customs work myself? Do I need a customs agent for this work? And who does the work for me on the UK side? These are all questions which should be clarified in the next few weeks.
Payment of Import Duties: Have you registered for ROS in order to be able to lodge funds into your Customs Account to cover import duties? See http://www.revenue.ie/brexit for further information. You can apply for deferred payment which allows you to defer payment of import charges until the month following import.
Impact on Logistics: Have you assessed the impact on your logistics model? Do you know the new information the person who moves your goods will need and when they will need it? Does your logistics provider know what is required?
Authorisations: There are a number of authorisations and reliefs available which would allow you to import goods and to complete customs formalities more easily. Have you assessed which authorisation may suit your business model?
Certification: Sometimes you need certification or licences for selling or buying your goods to or from the UK. It is important to check this in advance. You can contact the authority which is appropriate for the different requirements. Do you know if you require such certification or licence?
Advice: For more information to prepare your company for Brexit contact your trade representative body and/or the relevant State agencies. There you can get help that is available for free.
We will provide further Brexit updates in the coming weeks and months.