Chartered Accountants Ireland and The Institute of Chartered Accountants in England and Wales (ICAEW) have recently published a report with the purpose of helping Chartered Accountants support businesses in the UK and Ireland deal with the trading landscape after Brexit. The points raised will be relevant for businesses in Ireland or other EU countries trading with the UK or for UK businesses trading with the EU. It recognises the particular importance of trade between Ireland and the UK, both within the island of Ireland and between Ireland and the UK mainland (through which many goods to and from Ireland are transshipped).
"In the months following the UK’s vote to leave the EU, the UK Government formally stated that it will not be seeking membership of the Single Market or the EU’s Customs Union, and instead will pursue an ambitious and comprehensive free trade agreement and a new customs agreement with the EU. Many questions remain unanswered and at the time of writing it is still unclear what, if any, trade and customs agreements will be reached with the EU. However, business carries on and in this report we aim to help businesses understand the legal and practical issues raised by Brexit to better support their planning during this time of uncertainty." Taking the Lead, Chartered Accountants and Brexit (2018)
The full report is available here. It is broken into 5 sections:
1. The trading landscape after Brexit
2. EU Customs and VAT frameworks
3. Supply-chain challenges facing UK and Irish businesses
4. Trading on the island of Ireland
5. Other barriers affecting trade including the business cost of administrating customs
6. The effect of Brexit from a business perspective
It outlines what the trading landscape might look like after Brexit, giving consideration to potential supply chain challenges and barriers to trade.
Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.