Brexit business concern evident among Chartered Accountants

Jan 29, 2019

A no deal Brexit can only mean a hard border

Over 200 members of Chartered Accountants Ireland attended a Brexit breakfast briefing in Chartered Accountants House this morning and there was clear evidence of the deepening uncertainty Brexit is bringing to the business community in Ireland.

As talks between the UK and EU come down to the wire, a hard Brexit is becoming increasingly likely. And a no-deal Brexit will mean a hard border on the island of Ireland.

NEWS BODY - Brexit business concern evident-min

Opening the event, Institute President Feargal McCormack warned that the introduction of customs controls between Ireland and the UK as a result of a no-deal Brexit is now almost inevitable, and that Irish businesses and consumers in every part of the country will feel the effects through higher import prices, supply chain disruption and a heavy administration burden.

Keynote speaker, author and journalist Ian Kehoe said that the UK leaving the EU was never going to be easy and the process has become a political game. Mr Kehoe said “The process has been marked by competing ideologies and conflicting narratives. If Brexit was purely about economics and finance, it would have been resolved by now. Instead, it has been driven by political power games.”

Businesses voiced their concerns that import VAT could be extremely costly regardless of whether there is a Brexit deal as Irish traders will have to pay VAT upfront on imports from the UK. The Institute has been asking government bodies for the VAT on imports to be delayed until the next VAT return and are concerned that no proposals to do so were included in the outline of no-deal Brexit legislation that was published last week. 

Amid all the uncertainty, attendees were urged to continue their contingency preparations for a no-deal Brexit and that the Institute will support members in the process.

Speaking in front of a capacity audience in Chartered Accountants House, Mr McCormack said “The decision of the UK people to leave the European Union is one of the most significant events to occur in the history of the EU. Chartered Accountants, as business leaders and financial planners and managers, will be at the forefront of dealing with any new trading obligations post Brexit. It is in all of our interests that the UK and EU get the best deal possible”.

Ian Kehoe was the key note speaker at Chartered Accountants Ireland’s Brexit Breakfast Briefing which was held in Chartered Accountants House this morning in front of a capacity audience.

About Chartered Accountants Ireland

Chartered Accountants Ireland is Ireland’s largest and longest established professional body of accountants founded in 1888. The Institute, which is an all-island body, currently represents over 27,000 members around the world, including 5,000 in Northern Ireland.  The Chartered Accountants Ireland Brexit Action Group coordinates extensive lobbying and public information activities to help its members North and South of the border prepare for the departure of the UK from the EU.

Reference: Bryan Rankin, Marketing Manager, Chartered Accountants Ireland T: (01) 637 7268 / M: 087 2047905 E: bryan.rankin@charteredaccountants.ie