Brexit Preparations: Effect on Small Irish Businesses
Brexit & Ireland
As the Brexit deadline looms and Boris Johnson shows determination that come Hell or High Water, Brexit will indeed happen, regardless of whether or not any deals can be reached in the eleventh hour, we are going to take a quick look today at what YOU as a business in Ireland can do about it.
- Consider the implications
How much of your business relies upon the UK in any form? What effect will there be on you, your customers, your suppliers, exchange rates, shipping costs, GDPR implications, clearance delays/time issues, logistics of deliveries with a hard border in place and of course tax implications. Mind My Business is already configured for domestic, Intra-EU and non-EU VAT reporting on imports and exports.
- Prepare Effectively for plausible scenarios
Put a plan in place. Know what your goal is, with timescales, for when each scenario approaches and happens. Try to be one step ahead and proactive instead of reactive. As a small business, you have the advantage of being at least capable of being agile and able to explore new avenues and opportunities at speeds larger companies would kill for. Apply for an EORI number and follow the Department of Business, Enterprise and Innovation’s Brexit Preparedness Checklist. Download here: https://dbei.gov.ie/en/Publications/Publication-files/Brexit-Preparedness-Checklist.pdf
- Avail of the Grant for researching
The Enterprise Ireland “Be Prepared Grant” offers up to €5,000 to assist in the cost of developing a strategic response to Brexit.
The grant is intended to provide support to clients to use external resources to undertake a short assignment to determine how the company could respond to the threats and opportunities of Brexit. The grant can be used to cover consultant’s fees, travel and expenses for both domestic and international employee travel.
The support might involve:
Researching opportunities in new markets
Investing in innovation to differentiate and stay ahead of the competition
Reviewing and optimising sourcing, transport and logistic arrangements
Strengthening financial and currency management
Preparing a worst case scenario plan
Understanding and training in customs procedures with third countries
More information on the Be Prepared Grant is available here: https://www.prepareforbrexit.com/
Other Useful Links:
Article on the Implications to small Irish Businesses of Brexit (Hard & Soft scenarios) https://www.localenterprise.ie/DublinCity/Documents/Tangible-Brexit-Supports-SFA.pdf
Planning Voucher & Brexit Implementation Voucher https://intertradeireland.com/brexit/brexit-funding/
Tariff Checker: https://intertradeireland.com/brexit/tariff-checker/
Customs Overview: www.revenue.ie/en/customs-traders-and-agents
Goods classification for customs: www.revenue.ie/en/customs-traders-and-agents/importing-and-exporting/classification
HMRC Goods classification service: www.gov.uk/government/organisations/hm-revenue-customs/contact/tariff-classification-service
Post Brexit GDPR Storage Advice https://www.irishtimes.com/business/technology/irish-businesses-issued-with-post-brexit-data-storage-advice-1.3846007
Brexit Information: www.gov.ie/brexit