Time to Get Brexit Ready

Tony recently attended an information session on steps that small businesses should take to prepare for Brexit. In conjunction with the Consultative Committee of Accountancy Bodies (CCAB-I), the Minister for Business, Enterprise and Innovation, Ms. Heather Humphreys T.D. hosted the event in Donegal. Here is a summary of what he learned – our Brexit Ready checklist

Customs

Register with Revenue for an EORI number
Understand what is needed to fulfil customs declaration requirements
Consider a customs agent/broker or in-house management to complete declarations
Consider what authorisations or simplifications about customs procedures might be relevant
Determine whether you must comply with UK customs requirements
Identify tariff classification codes for products/ingredients

Other Controls

Identify sanitary and phytosanitary (SPS) controls for ingredients/products (agriculture)
Register with the Department of Agriculture, Food & the Marine or the Environmental Health Service of the HSE (for food of plant origin) for goods/products subject to SPS controls
Ensure that you and your UK suppliers use ISPM 15 standard wood pallets

Supply Chain

Map your supply chain to determine Brexit exposure, including route to market
Assess how Brexit may impact your ability to supply your customers Seek assurances from your suppliers/distributors to ensure continuity of supply or consider alternatives e.g. changing supplier
Examine supply chain costs and possible implications e.g. tariffs, customs formalities and possible transport delays
Explore growth opportunities domestically or in other markets

Product Certification

Check what product certification you will require for exporting to the UK post-Brexit
Prepare for the additional responsibilities you will have as an importer when sourcing products from the UK post-Brexit
If you use a UK Notified Body, transfer your product certification to an EU-27 Notified Body
Examine if you need to appoint a ‘designated representative’ in the UK or if your UK supplier has appointed an EU ‘authorised representative’

Cashflow & Currency

Know your breakeven €/£ exchange rate for your business with the UK
Take steps to reduce your exposure to currency volatility e.g. currency hedging
Avail of Government financial supports to help manage your cashflow, e.g. Brexit Loan Scheme

Also

Identify your key UK customers and agree a joint plan to manage Brexit
Review contracts with your UK suppliers and customers
Develop a plan for the UK market to maintain and grow in the UK
Source (Department of Business Enterprise and Innovation)

For further reading consult Getting Ireland Brexit Ready.

For more information on how our Sage 50 Accounts Software and Exact Online Cloud Software will aid your business in getting ready for BREXIT and beyond
Call Malcolm on 071 914 6815 or sales@synergynet.ie

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