Are you Brexit Ready?

The EU Council met during the last week in June to discuss a range of issues from Migration, to the growing Global Trade tensions and deterioration in EU-US relations along with the reform of the Economic and Monetary Unit.

The Council reviewed the state of play of Brexit negotiations and adapted conclusions on progress made.

As expected however the results were disappointing as the Brexit discussions are not progressing as planned. The Summit was scheduled to progress matters on the Withdrawal Agreement and future Trade Arrangements, however that has not been the case.

Instead the EU has issued a statement advising that Member States step up plans for all outcomes – widely interpreted as advising companies to plan for a Hard Brexit in March as a real risk at this point.

This is not to say that a Hard Brexit in March 2019 is to be expected only that, as Airbus stated:

“We have sought to highlight our concerns over the past 12 months, without success. Far from Project Fear, this is a dawning reality for Airbus. Put simply, a No Deal scenario directly threatens Airbus’s future in the UK……”

This statement has been echoed by BMW who have raised concerns about customs delays at the Borders negatively impacting their JIT model.

Are you ready?

As UK based multi-nationals start to prepare for the risk of a hard Brexit in March 2019 it is more critical than ever that Irish Exporters also prepare for the risk of customs checks as early as next year.

We strongly recommend putting together a customs plan, along with a wider VAT, Tax and Supply Chain plan to ensure any risks of delays are addressed now and the relevant procedures and simplifications put into effect to enable the efficient movement and clearance of your goods.

The BDO checklist below identifies the key areas that your business should be reviewing:

 

 

 

We would urgently recommend companies take on board that preparing for a potential hard Brexit is a prudent decision in order to be prepared for all outcomes.

For further information on Brexit and all customs queries please contact BDO.

For more information about our partnership with BDO Ireland click here.

BDO Ireland | | 0 comments

Leave a Reply

Your email address will not be published.