A no deal Brexit ‘still not off the table’

With a no-deal exit still a distinct possibility, Chartered Accountants Ireland says UK and Irish traders could very well be facing a “starkly different” trading landscape on April 12.

“We are very concerned that a no-deal Brexit is still very much a possibility and we are recommending that traders in Ireland and the UK do three relatively straightforward things over the next few days so they have at least have some contingency plan in place,” said Chartered Accountants Ireland president Feargal McCormack.

“We urge any of our members involved in the political process, no matter what party, to impress upon their elected representatives how dangerous the current situation is for Irish business.”

In the worst case scenario, the UK will leave the EU next week without a deal and will immediately no longer be a member of the EU.

While there is evidence to show that despite the Brexit uncertainty, businesses are making some preparations for a no-deal scenario, a recent survey of businesses carried out by the Institute shows that almost half of enterprises in both Ireland and Northern Ireland have no plans at all in place in the event that the UK crashes out of the EU without a deal.

Irish and UK businesses that trade with each other need to

:: register online with the HMRC or Revenue for an EORI number - an EU registration and identification number for businesses which undertake the import or export of goods into or out of the EU.

:: inform customers outside the UK that they may experience delays in receiving your product because of supply chain disruption

:: ensure they have a line of credit to deal with the customs duties that will arise on imports from the UK or Ireland.