We are finding that critical concerns surround the ability of businesses to continue to trade with the UK and the complexities which surround buying and selling in a non-EU market. Distribution chains are going to be seriously affected with businesses who were set up to buy and sell within the Single Market now having to plan to deal with Customs for the first time, incorporate VAT into their contracts and look at the need for having an EU base (for GB/ NI businesses) or a GB/NI base for ROI businesses. HMRC have identified this as a particular issue for businesses who will be lodging Customs Declarations for perhaps the first time.
The difficulty for businesses however is establishing what minimum requirements should be in place should March 2019 happen.
Working with our clients we have identified the following as the key requirements that businesses need assistance with right now:
- Customs Advice on WTO Rates
- Assessment of Customs Compliance costs
- Understanding Border Controls
- Review of contracts and terms of trade
- Should you obtain a UK Vat registration? Are you legally obliged to?
- Should a new company be established in NI or GB?
- Should you be tax registered in the UK?
Brexit Strategy Analysis
All of the above issues lead into the requirement to complete a Brexit Analysis report, analyse the costs associated with trading post Brexit and identify and prioritise the means for reducing these costs.
Support with Grant and Loan applications for Brexit planning.
Identifying the key risk areas, establishing a time line to ensure you have all necessary authorisations in place and implementing the required solutions to Brexit Proof against a worst case March 2019 exit can be complex and time consuming.
There are a number of grants and loans available from Government Bodies, Support Agencies and the Banks. We can guide you through this process to ensure you can defray some of the costs involved in planning, innovating and continuing to sell in the UK market.
We would advise that as most restructuring and planning requires a minimum 6 month lead- in this work needs to be carried out now to be prepared for a worst case scenario of a UK deadline of March 2019.
For further information contact: Carol Lynch
Direct: +353 1 470 0491
Beaux Lane House
Mercer Street Lower
Tel: +353 1 470 0000
Fax: +353 1 477 0000
About Carol Lynch
Carol is a Partner at BDO Customs and International Trade Services. Carol has more than 25 years’ experience in customs and international trade.
Carol is currently heavily involved in advising clients on the impact of Brexit and is working with a number of high profile companies in this regard.
She has been requested to present to the Oireachtas Finance Committee on the impact of Brexit for traders in Ireland and also presents on behalf of Chambers Ireland and InterTrade Ireland. She is part of a number of working groups including that of the British Irish Chambers of Commerce and the Revenue Commissioners. She contributes to various media (print and radio) with regard to the Customs issues which may arise post Brexit.
Carol has significant expertise in customs, excise, export controls, anti-dumping, audits and investigations. She also has significant experience working with clients in the aviation and aircraft leasing, food and drink, pharmaceutical companies, consumer electronics and software sectors along with general manufacturing.